HSBC promises $17bn investment in technology

The eight point strategic plan presented to investors by Flint is designed to return the bank to “growth mode” after almost a decade of declining revenues and also features further investment in Asia, a strengthening of its international presence and a promise to turnaround its US business.

“After a period of restructuring, it is now time for HSBC to get back into growth mode,” said Flint.

More specifically, the bank is hoping that the technology investment will help it to achieve a return on equity of 11% by 2020.

Flint, who was appointed in February, also told investors that the bank’s organisational simplification plan would not involve a major reduction in headcount, although he stopped short of ruling out any job losses.

Source: Finextra

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