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"You're getting cost cuts as a means of sustaining performance and that's not a great sign,"...

"You're getting cost cuts as a means of sustaining performance and that's not a great sign," says analyst Simon Maughan. "What HSBC (HBC) is showing you (job cuts earlier) is that there is very little growth in the banking industry (XLF) for years to come." CEO Stuart Gulliver notes HSBC has met its savings target, but hasn't met a goal to reduce costs as a percentage of revenue because revenue hasn't grown.
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Comments (1)
  • Lee Siu Hoi
    , contributor
    Comments (26) | Send Message
     
    That was a question I asked three years ago to HSBC management. And to be honest, they are right.
    15 May 2013, 08:04 PM Reply Like
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