London: HSBC will redouble cost-cutting efforts, including axing up to 14,000 more jobs, but Europe's largest bank was forced to soften a key performance target in the face of muted revenue. London-headquartered HSBC is seeking up to $3 billion in additional annual savings by 2016, on top of $4 billion already achieved, but sluggish growth outside Asia, particularly in Europe, means its target to get costs below 52 per cent of revenue has been eased.
The new goal is to keep the ratio near 55 per cent, the level it was at in 2010 - the year before Chief Executive Stuart Gulliver took over and kickstarted a radical retrenchment at a bank that was criticised in the past for "planting flags" around the world. "We're clearly hitting on the costs, but we're missing on the cost efficiency ratio because of revenue, which is hard for us to control," Gulliver told reporters.
"Top line growth is clearly a challenge."He added: "We need to have a cost-efficiency target that's realistic, so we're saying take a look at our peer group, they are all in the high 50s or low 60s, whether it's JPMorgan , Citi , Standard Chartered or Barclays .
"HSBC had a cost efficiency ratio of 63 per cent last year, which improved to 53 percent in the first quarter. Banks do not release comparable data, but last year JPMorgan's expenses were 67 per cent of revenue, at Citi it was 65 per cent, Barclays had
08:10 PM, May 15, 2013
Washington: A professional US body of engineers has asked the Senators to reject any move to increase the number of H-1B visas, popular among Indian professionals, arguing that it has a damaging effect on American economy. In a statement issued on Monday, IEEE-USA - the largest American body of professional engineers asked the Senate Judiciary Committee to reject amendments to the comprehensive immigration bill that would increase H-1B temporary visa...
02:54 PM, May 14, 2013
New Delhi: In a move that would raise the cost of air travel, the government on Monday said it has allowed airlines to charge passengers for preferred seats on a flight, check-in baggages and meals, among other things. "Civil aviation minister Ajit Singh has decided to permit scheduled airlines to unbundle certain services and to charge fees for these services separately," an official release said. The services for which the...
08:50 PM, Apr 29, 2013
Shimla: To ensure completion of hydro-power projects in time, a committee would be set up that will monitor the ongoing projects and address the problems of delay in getting clearances. Chief Minister Virbhadra Singh on Wednesday directed the officials concerned to complete the hydropower projects within time bound to avoid cost escalation. The committee headed by Chief Secretary would be in place soon to supervise and monitor the progress of...
01:19 AM, Apr 25, 2013
Mumbai: Luxury carmakers in India are moving downmarket and shifting production of smaller and cheaper cars to local plants to cut costs, broadening their target market to include young, female and middle-class drivers to boost lacklustre performance. In an effort to raise stuttering sales that far lag emerging Asian rival China, the German big three of Mercedes-Benz, Audi AG and BMW AG want to win buyers outside the ultra-rich with...
07:00 AM, Apr 23, 2013
The fate of the much touted low-cost computing device Aakash looks uncertain with the government conceding that there has been a "failure" in its production. ...
11:55 PM, Apr 03, 2013
Andhra Pradesh Agriculture Minister Kanna Lakshmi Narayana on Tuesday expressed serious concern over the "excessive" use of fertilisers and pesticides by farmers in the state, saying the ongoing trend would reflect on the quality of soil and cost of cultivation. ...
01:16 AM, Apr 03, 2013
Nurturing the ambition to make it big in the finance arena, a 23-year-old Delhi girl has qualified as chartered accountant, cost accountant, and also company secretary - becoming possibly the youngest person to complete all the three professional accounting courses. A Delhi University commerce graduate, Pallavi Sachdeva admires ICICI Bank chief Chanda Kochhar as a role model and has already got her dream job with an offer from international finance...
10:08 AM, Apr 01, 2013
Travelling in trains will become costlier from Monday as the hike in reservation, tatkal, cancellation fees and some other charges announced in the rail budget will come into effect. ...
03:55 AM, Apr 01, 2013
After US's 1-0 win over Costa Rica, coach Juergen Klinsmann has answered many of the doubters. ...
11:18 PM, Mar 27, 2013
The Costa Rican federation said the climatic conditions during their WC qualifier match against US, which they lost 0-1, threatened the physical integrity of the players. ...
08:28 AM, Mar 25, 2013
Clint Dempsey's 16th-minute score gave the US a 1-0 victory over Costa Rica in a key qualifier. ...
10:03 AM, Mar 24, 2013
In the match against Costa Rica, part of the Brazil 2014 World Cup qualifying tournament, the Panamanian fans threw objects onto the field. ...
02:05 PM, Mar 23, 2013
United States battled to a 1-0 win over Costa Rica with Clint Dempsey's 16th minute goal in a heavy snow storm. ...
01:01 PM, Mar 23, 2013
Datawind was asked to supply one lakh pieces of Aakash tablet initially, which never happened. ...
07:04 PM, Mar 22, 2013
Visiting Google Chairman Eric Schmidt claims that low cost smartphones will be the next step. "The big future is still smartphones. And the vast majority of Indians will encounter the internet on a smartphone, it will be a low cost smartphone of great power. They will deal with health and medicine that way, they will deal with education, they will entertain themselves,they'll build businesses on these smartphones," said Eric. ...
08:42 AM, Mar 21, 2013
Indian representatives on the board and indeed in the airline's senior management. Whether AirAsia Bhd's aircraft can be brought in for operation into India, a measure that would certainly be cheaper for the airline, is still unclear. Though the government has cleared the investment, AirAsia will actually have to lobby for permissions at every step. ...
05:00 PM, Mar 13, 2013
Deportivo Saprissa beat local giants Mohun Bagan 1-0 in a group B quarter-final league match of 117th IFA Shield Football tournament. ...
08:48 PM, Mar 10, 2013
Atletico Madrid squandered a chance to reduce the gap with Spanish leader Barcelona to single digits after being held to a 0-0 draw at Malaga. ...
08:43 AM, Mar 04, 2013
