HSBC continues to undergo significant change beyond just cost management with an increasing focus on technology and sustainability.
Since the third quarter last year, the British lender shed 10,000 jobs and in 2020, it managed to eke out $600 million in cost savings. Its U.S. and Europe units are on pace to meet their 2022 targets and the bank recently committed to restructure even further and faster, in its latest earnings release.
But HSBC is currently doing more than just lightening its expenses and headcount, following suit with global lenders increasingly focused on technology and sustainability.
Tech Deliverables
On technology in the third quarter, the bank expanded its shelf with the launch of various solutions such as a digital multi-currency wallet in Singapore for liquidity and cash management. In Hong Kong, it rolled out a digital small business community platform that has already attracted 8,000 members.
Earlier this month, group CEO Noel Quinn also pledged in a statement to achieve net zero carbon emission in HSBC’s overall portfolio by 2050 or sooner. He also committed $750 billion to $1 trillion of finance and investment by 2030 to support clients seeking to transition their businesses and portfolios to greater sustainability.
«[The substantial transformation program is] designed to ensure HSBC is fit for the future, with plans to reshape underperforming businesses, simplify the organization and reduce costs,» the bank said.
