HSBC chief Noel Quinn said the bank has identified $1.7 billion of extra costs that can be stripped out next year
Quinn also said he did not believe a campaign calling on the bank to split itself up by its biggest investor, Chinese insurer Ping An, was politically motivated.
Noel Quinn, Group Chief Executive of HSBC, speaks during the Global Financial Leaders Investment Summit in Hong Kong, China November 2, 2022. REUTERS/Tyrone Siu "No, I do not believe it's politically motivated, based on all of the dialogue that we've had with various stakeholders," Quinn said. He also reiterated his faith in the bank's second home of Hong Kong, despite concerns among Western financial firms that Beijing's tightening grip on the city is eroding its autonomy and value as a financial hub.
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