HSBC CEO plans to double extra revenue target to 2bn dollars

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

Get 6 issues 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

Sign up

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