HSBC are set to announce more job cuts as the bank is expected to unveil cost savings of at least $1bn.
The bank has already slashed its global workforce from 300,000 to 254,000 through redundancies and closure of 52 business operations since 2011, which included nine this year. And now analysts believe that on the bank's strategy day on Wednesday chief executive Stuart Gulliver will announce further cuts with less than a year left of his three-year restructuring plan.
HSBC had a pre-tax profit of $8.4bn (£5.4bn, €6.4bn) for the first three months of the year, a 95% increase from a year ago. The 148-year-old firm had annual savings of $4bn and 46,000 fewer workers.
Gulliver has already disposed of risk-weighted assets to the tune of $80bn so far and has brought in more than $10bn, which raises the prospects of higher dividends to the shareholders.
This comes as in December the bank was slapped with a record fine of $1.9bn as part of US probe in to anti-money laundering investigations.
Written and presented by Alfred Joyner