HSBC , has laid off around 40 investment bankers in Hong Kong, according to a person with direct knowledge of the matter, as part of a global restructuring exercise at the Asia-focused lender to cut costs.

HSBC HSBA.L posted annual profit on Wednesday that beat estimates, helped by increased revenue in wealth and markets businesses, and set stiff cost-cut targets as its new CEO implements a revamp of the Asia-focused bank to boost returns.

Hong Kong’s biggest bank announced US$2 billion in a share buy-back programme and 87 US cents per share in dividend.

HSBC expects to incur $1.8 billion in expenses by the end of next year related to an overhaul initiated by its new CEO to cut long-term costs and boost profits while navigating diverging interest rate policies and geopolitical turmoil.

HSBC has laid off around 40 investment bankers in Hong Kong, according to a person with direct knowledge of the matter, as part of a global restructuring exercise at the Asia-focused lender to cut costs.