The chief executive officer (CEO) of HSBC, which styles itself as 'the world's local bank', unveiled plans on Friday to double its target for extra revenue from integration between global businesses.
The new $2.0bn target, which is to be delivered in the short to medium-term, has come about because the firm is seeing strong potential for increasing referrals and cross-selling.
Looking ahead, CEO Stuart Gulliver said: "Though there remain factors affecting our performance that are beyond our immediate control - from the Eurozone, to the future regulation of our industry - we have gained real traction over the past year in those areas we can control."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The comments were made at Friday's annual general meeting (AGM), where the company reiterated its focus on simplification, restructuring, and growth, saying it can make HSBC the world's leading international bank.
Despite the upbeat comments, the share price fell 0.12% to 514.20p.
Shareholders were being asked at the AGM to vote on director pay, with Gulliver set to receive a pay package worth £7.2m. The shareholder advisor, Pirc, has called on voters to disapprove the payout.
NR
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
