HONG KONG/LONDON (Reuters) – HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz) will redouble cost-cutting efforts, including axing up to 14,000 more jobs, but Europe’s largest bank was forced to soften a key performance target in the face of muted revenue.

London-headquartered HSBC (0005.HK: Quote, Profile, Research, Stock Buzz) is seeking up to $3 billion in additional annual savings by 2016, on top of $4 billion already achieved, but sluggish growth outside Asia, particularly in Europe, means its target to get costs below 52 percent of revenue has been eased.

HONG KONG/LONDON, May 15 (Reuters) – HSBC plans to
cut annual costs by up to another $3 billion and may axe a
further 14,000 jobs as Europe’s biggest bank strives to drive
profits in the face of sluggish growth outside Asia.

HSBC’s new cost-cutting drive, stretching out to 2016, will
enable the bank to boost capital and grow dividends, but Chief
Executive Stuart Gulliver softened a key target to get costs to
below 52 percent of revenue.

EDINBURGH (Reuters) – Royal Bank of Scotland’s (RBS.L: Quote, Profile, Research, Stock Buzz) Chief Executive Stephen Hester said on Tuesday it would take another 18 months to improve the bank’s capital position enough to keep regulators happy.

“Our capital ratios are transformed but we have another 18 months or so to get them in the final shape that we and our regulators want,” Hester told shareholders at the bank’s annual meeting in Edinburgh, Scotland.

LONDON (Reuters) – HSBC’s (HSBA.L: Quote, Profile, Research, Stock Buzz) (0005.HK: Quote, Profile, Research, Stock Buzz) sale of a stake in a Korean insurer last month was made with little fanfare, just one of 52 deals struck or businesses closed in the last two years by Chief Executive Stuart Gulliver, and analysts are expecting more.

With less than a year left of his 3-year restructuring plan, Gulliver will report on how he is doing in meeting his targets on Wednesday.

HONG KONG/LONDON, May 8 (Reuters) – Standard Chartered Plc
suffered a drop in first-quarter operating profit after
the Asia-focused bank hit trouble in Korea, while bad debts rose
and higher staffing and wages pushed up costs.

London-based Standard Chartered, which earns about
four-fifths of its income from Asia and the Middle East, said
operating profit for both its consumer bank and investment bank
fell by about 5 percent on the year after a weak March.

HONG KONG/LONDON (Reuters) – Standard Chartered Plc (STAN.L: Quote, Profile, Research, Stock Buzz) suffered a drop in first-quarter operating profit after the Asia-focused bank hit trouble in Korea, while bad debts rose and higher staffing and wages pushed up costs.

London-based Standard Chartered (2888.HK: Quote, Profile, Research, Stock Buzz), which earns about four-fifths of its income from Asia and the Middle East, said operating profit for both its consumer bank and investment bank fell by about 5 percent on the year after a weak March.

LONDON, May 7 (Reuters) – HSBC aims to keep the
pressure on costs after first-quarter earnings nearly doubled
due to the bank’s three-year efficiency drive and a halving in
bad debts charges.

The jump in profits reinforces HSBC’s position as one of the
strongest global banks after the financial crisis partly as a
result of a radical overhaul to simplify its sprawling structure
and improve profitability.

LONDON (Reuters) – HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz) reported a near doubling in first quarter earnings on Tuesday, demonstrating the benefits of a three-year restructuring, cost cuts and a big drop in bad debt charges.

Europe’s largest bank has moved faster and more aggressively than many of its peers to reduce costs in the wake of the financial crisis, shedding 38,000 jobs and closing or selling more than 50 businesses.

LONDON/PARIS, May 7 (Reuters) – HSBC is expected to
almost double first quarter profits to about $8 billion on
Tuesday helped by a fall in costs and bad debts and showing the
benefits of a three-year restructuring that is nearly complete.

The results will keep HSBC as one of the most profitable and
most strongly capitalised banks in the world although Europe’s
biggest bank still has more to do on costs.

LONDON (Reuters) – State-backed Royal Bank of Scotland (RBS.L: Quote, Profile, Research) on Friday pushed for the British government to start selling its 82 percent stake as early as next year even though it could mean a loss for taxpayers.

Chairman Philip Hampton said the aim was to have a business in strong enough shape to start preparing a prospectus with the government for a sale from the middle of 2014.