HSBC bank to seek US$2.5-3.5 bln of cost savings by 2013

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Banking giant HSBC said Wednesday it will seek to cut US$2.5-3.5 billion (1.7-2.4 billion euros) in costs by 2013 as part of a strategic review, two days after unveiling mixed first-quarter results.

"US$2.5-3.5bn of sustainable cost saves (are) targeted over the next three years," HSBC said in a stategy update that was published ahead of an investor day in central London.

© 2011 AFP

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