The London-based bank’s chief executive is concentrating on streamlining the lender’s businesses and reducing costs.

HSBC Holdings Plc expects $1.8 billion in costs over the next two years as it embarks on a global restructuring program that has seen the lender shutter some of its businesses and slash management ranks.

Europe's largest lender HSBC on Wednesday announced a share buyback of up to $2 billion as its annual pre-tax profit rose 6.5%, helped by the sale of its banking business in Canada. For the full year, HSBC reported revenue of $65.85 billion, down from $66.1 billion in 2023.