07:09 AM EST, 12/13/2024 (MT Newswires) -- HSBC Holdings ( HSBC ) is evaluating retail banking operations outside its core markets in the UK and Hong Kong to determine the locations where it can cut costs, the Financial Times reported Thursday, citing people familiar with the matter.

Mexico is among the locations under review, along with Malaysia and Indonesia, according to the report. The bank is not considering exiting Mexico but is looking at significantly reducing its retail presence in the country, the report added.

According to the Financial Times, two of the sources also said HSBC's ( HSBC ) senior executives are targeting annual savings of up to $500 million from the company's previously announced job cuts.

HSBC Holdings ( HSBC ) did not immediately respond to MT Newswires' request for comment.

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