06:34 AM EST, 02/14/2025 (MT Newswires) -- HSBC ( HSBC ) is reportedly set to unveil $1.5 billion in annual cost savings as part of Chief Executive Georges Elhedery's restructuring efforts, the Financial Times reported Friday, citing two people familiar with the matter.

The bank is expected to provide details of savings in its full-year results on Feb. 19.

Elhedery initiated a broad reorganization in October to streamline operations and reduce duplication. The overhaul includes a new structure with dedicated units for HSBC's ( HSBC ) key markets in the UK and Hong Kong, as well as one unit for corporate and institutional banking, and one for international wealth and premier banking. HSBC ( HSBC ) also decided to shut down its payments app Zing.

Sources said there are ongoing discussions regarding the bank's operations in Mexico. Financial Times previously reported that HSBC ( HSBC ) is considering to significantly scaling back its Mexico operations as part of the review of its non-core retail business.

HSBC ( HSBC ) did not immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)