Company: HBCYF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0001654954-25-004763
Chunk: 4

Company: HSBC HOLDINGS PLC
Filing Date: 2025-04-29
Form: 6-K
Chunk 4
---
 investors and analysts

HSBC Holdings plc will be conducting a trading update conference call with analysts and investors today to coincide with the publication of this Earnings Release. The call will take place at 07.45am BST. Details of how to participate in the call and the live audio webcast can be found at www.hsbc.com/investors.

About HSBC

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. With assets of $3.1tn at 31 March 2025, HSBC is one of the world's largest banking and financial services organisations.

HSBC's purpose is 'Opening up a world of opportunity'. Our strategy supports our ambition to be the preferred international financial partner for our clients.

Effective from 1 January 2025, we have simplified our organisational structure to accelerate delivery against our strategic priorities through four new businesses along with Corporate Centre:

- Hong Kong

- UK

- Corporate and Institutional Banking

- International Wealth and Premier Banking

Our Hong Kong business comprises Retail Banking and Wealth and Commercial Banking of HSBC Hong Kong and Hang Seng Bank. Our UK business comprises UK Retail Banking and Wealth (including first direct and M&S Bank) and UK Commercial Banking, including HSBC Innovation Bank. CIB is formed from the integration of our Commercial Banking business (outside the UK and Hong Kong) with our Global Banking and Markets business. IWPB comprises Premier banking outside of Hong Kong and the UK, our Global Private Bank, and our Asset Management, Insurance and Investment distribution businesses. Corporate Centre results primarily comprise the financial impact from certain acquisitions and disposals and the share of profit from associates and joint ventures and related impairments. It also includes Central Treasury, stewardship costs and consolidation adjustments.

Reshaping the Group for growth

At our 2024 full-year results, we announced measures to simplify the Group, and we have committed to deliver an annualised reduction of around $1.5bn in our cost base expected by the end of 2026 from our organisational simplification programme.

We are also focused on opportunities where we have a clear competitive advantage and accretive returns, and we aim to redeploy approximately $1.5bn of additional costs from non-strategic activities into these areas over the medium term. During 1Q25, we commenced the wind-down of our mergers and acquisitions ('M&A') and equity capital markets activities in the UK, Europe and the US, subject to local legal requirements. We will retain more focused M