The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

HSBC’s Gulliver sticks to plan A

Someone whom I’m sure is of similar mind is Stuart Gulliver, chief executive of HSBC. Since ascending to the Tai Pan role, Gulliver has kept a studiously low profile while sticking to plan A. In May 2011, Gulliver announced the results of a strategic review that could have been entitled: "Focus is the price to pay for excellence."

Gulliver stated: "Our strategy is to be the leading international bank, concentrating on commercial and wholesale banking in globally connected markets. We will also focus on wealth management in 18 of the most relevant economies and limit retail banking to those markets where we can achieve profitable scale." Sustainable cost savings of over $2.5 billion were targeted during the next three years in order to reduce the bank’s cost-income ratio to around 50% by 2013.

First-quarter 2012 profit before tax of $4.3 billion, including an accounting loss on the value of the bank’s own debt, was solid and Gulliver seems to be executing well on the plan. Return on equity was some 11% for the first quarter if the accounting charge is excluded. Cost cuts are occurring and the empire is being reshaped: 11 transactions to dispose of or close businesses have been announced since the start of 2012.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?