HSBC prepares for strategic overhaul

HSBC will report its first ever quarterly results today ahead of a strategic overhaul to be presented to investors by chief executive Stuart Gulliver on Wednesday.

The bank has previously only provided a quarterly trading update with few figures, but it has now decided to publish full results every quarter.

The move comes as Gulliver is expected to unveil a plan to ditch large parts of HSBC’s business, which will involve selling off billions in assets, so as to streamline the bank.

He has also promised to give details of a crackdown on expenses, saying the bank’s 55 per cent cost-to-income ratio is “totally unacceptable” and that it will be brought down to a maximum of 52 per cent.