Georges Elhedery, the new boss of HSBC Holdings PLC (LSE:HSBA) has stated that cost control is his big priority, as he held his first 'town hall' company meeting since taking the role.
HSBC’s cost base is regularly questioned by banking analysts, who suggest it is higher than peers.
At the meeting, which was held in Hong Kong, Elhedery told local staff that cost is a big focus, but it was more about spending wisely than spending less, Bloomberg reports, citing two people in attendance.
Costs are coming even more into focus as central banks begin to cut interest rates, including the ECB and Bank of England in recent months, squeezing margins for lenders.
Last week, before his official start date yesterday, Elhedery, who was promoted from chief financial officer after the retirement of previous CEO Noel Quinn after a stint as head of markets, HSBC announced a round of senior departures, led by the bank's chief operating officer, head of human resources and the head of its wealth unit.