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Bank refunds: HSBC to cut costs by £2.1bn

People who are attempting to get bank refunds may like to hear that HSBC is planning to cut its costs by up to £2.1 billion.

According to, the bank is planning to slash costs by between £1.5 billion and £2.1 billion.

Stuart Gulliver, the new boss of HSBC, told the news provider: "This is not about shrinking the business but about creating capacity to reinvest in growth markets and to provide a buffer against regulatory and inflationary headwinds."

The bank has revealed that its US branch network and credit card business has been put under review.

It was also announced that HSBC will leave Russia and focus on wealth management and retail banking in emerging markets, such as Mexico, Brazil and Turkey.

HSBC was founded in the former British colony Hong Kong in March 1865. Its headquarters are in Canary Wharf in London.

It currently operates in around 87 countries around the world.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.

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