HSBC Holdings Plc (HBC, HSBA.L), in its investor update, said that it will target $2 billion to $3 billion of additional cost savings between 2014 and 2016 through streamlining processes and procedures.
Stuart Gulliver, Group Chief Executive, said, "We will continue to exert tight cost discipline whilst streamlining processes and procedures. This enables us to invest in growth and global standards."
The company said its strategy unchanged for the next phase in 2014-2016. The strategy includes growing both business and dividends, implementing global standards, and streamlining processes and procedures.
The company reaffirmed return on equity target range of 12-15%. The company targets Cost efficiency ratio in the mid-50s.
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