Company: HBCYF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0001089113-25-000046
Chunk: 8

Company: HSBC HOLDINGS PLC
Filing Date: 2025-04-29
Form: 6-K
Chunk 8
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BC 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&A and equity capital markets capabilities in Asia and the Middle East. In addition, we have made progress on our announced divestments in our private banking business in Germany, our business in South Africa, and the planned sale of our France life insurance business. We have also launched a strategic review of our business in Malta. The review is at an early stage and no decisions have been made. Strategic growth opportunities include further enhancing our Wholesale Transaction Banking capabilities, expanding our international businesses and building our Wealth business, particularly in Asia. We also aim to continue to grow in our home markets in Hong Kong and the UK, focusing on small and medium-size enterprises, digital capabilities and improving our product proposition.

| HSBC Holdings plcEarnings Release 1Q25 on Form 6-K | 5 |

In 1Q25, we generated fee and other income of $2.9bn from Wholesale Transaction Banking, an increase of 10% compared with 1Q24, or 13% on a constant currency basis, reflecting growth in Global Foreign Exchange. Wealth balances as at 31 March 2025, across all of our business segments, were $1.9tn, an increase of 7% compared with the same period last year. Within