HONG KONG -- HSBC intends to redeploy $1.5 billion from "nonstrategic" areas to bet on growing wealth centers including Hong Kong, while aiming to ramp up its transactional banking business amid uncertainties brought by new U.S. tariff policies.
The London-based bank aims to reduce expenses by $300 million in 2025, and has set a target of an annualized reduction of $1.5 billion by the end of 2026, its annual report revealed on Wednesday.
