HSBC Reports Increased Profits for 2024
HSBC has announced a significant increase in pre-tax profit for 2024, with a notable rise in income despite falling interest rates.
Key Highlights
- Pre-tax profit increased significantly in 2024
- Income showed resilience despite falling interest rates
- Plans to save costs by the end of 2025 to become a more agile and focused institution
Strategic Initiatives
HSBC has revised its climate goals, aiming to reach net-zero emissions by 2050, rather than the previously planned 2030. The bank is also undergoing a restructuring process, expected to cost approximately $1.8 billion over two years.
Transformation Efforts
The bank’s new CEO, Georges Elhedery, is driving the transformation, aiming to simplify the organization and invest in growth areas. This process is expected to be completed by the end of 2025.
Timeline
- 2025: Expected completion of restructuring process
- 2050: Target date for reaching net-zero emissions