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.

The London-based bank’s chief executive is concentrating on streamlining the lender’s businesses and reducing costs.

HSBC said it will repurchase up to $2 billion in shares, expected to be completed by the end of their first quarter of 2025. These are the lender's first full-year results with Ge

HSBC 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.