We aim to complete strategic actions by end 2017 unless otherwise stated. The table below shows a summary of our progress as reported in the investor presentation published with our 3Q Earnings Release on 7 November 2016.


Actions to resize and simplify the Group


Action Targeted outcome Progress
1. Reduce risk-weighted assets (RWAs) across the Group by about USD290 billion * USD290 billion reduction in Group RWAs

* Global Banking and Markets to represent less than one third of Group RWAs and to return to Group target profitability
* USD57 billion further reduction in RWAs in the third quarter of 2016, notably from the disposal of our business in Brazil (USD40 billion)

* More than 80 per cent of Group reduction target achieved

* Client-facing Global Banking and Markets RWAs now represent 33 per cent of the Group total
2. Optimise our global network * Reduced footprint * Completed sale of Brazil business (announced 1 July 2016); maintained a Brazil presence to serve large corporate clients’ international needs
3. Rebuild profitability in the North American Free Trade Agreement (NAFTA) region * Profit before tax in the US of about USD2 billion a year

* Profit before tax in Mexico of about USD0.6 billion a year
* US (excluding consumer mortgage and lending run-off portfolio): adjusted revenue of USD3.6 billion over the first nine months of 2016 (broadly unchanged compared with 9M15); and profit before tax of USD0.4 billion (down 28 per cent on 9M15) – we are now aiming to deliver the US target post-2017

* Mexico: adjusted revenue of USD1.5 billion in the first nine months of 2016 (up 16 per cent on 9M15); profit before tax of USD0.2 billion (up 69 per cent on 9M15)


4. Set up a UK ring-fenced bank * Completion by 2018 * Implementation continuing according to plan
5. Deliver USD4.5 billion to USD5.0 billion in cost savings * Annualised costs at December 2017 to be the same as 2014 operating expenses * USD2.8 billion total savings on a run-rate basis since the Investor Update (June 2015)

* Positive jaws in the third quarter and over the first nine months of 2016

Actions to redeploy capital and invest


Action Targeted outcome Progress
6. Deliver revenue growth above GDP growth from our international network * Revenue growth of international network above GDP growth * Transaction banking revenue over the first nine months of 2016: USD11.0 billion, broadly unchanged compared with the same period in 2015

* Global Liquidity and Cash Management revenue: USD4.8 billion, up 6 per cent on the first nine months of 2015; average deposits up 4 per cent

* Global Trade and Receivables Finance revenue: USD2.0 billion, down 7 per cent on the first nine months of 2015, reflecting decline in market conditions

* We are now aiming to deliver this target post-2017
7. Capture growth opportunities in Asia, including in China’s Pearl River Delta, in the Association of Southeast Asian Nations (ASEAN), and in our Asset Management and Insurance businesses * Market share gains

* About 10 per cent growth per year in assets under management in Asia
* Asia’s share of HSBC Holdings plc adjusted profit before tax increased to 66 per cent in the first nine months of 2016, up from 64 per cent in the same period in 2015

* Insurance manufacturing new business premiums: USD1.8 billion in first nine months of 2016, up 14 per cent on the first nine months of 2015

* Asset Management assets under management distributed in Asia in first nine months of 2016: USD145 billion, up 15 per cent on the first nine months of 2015
8. Grow business from the internationalisation of the Chinese currency, the renminbi (RMB) * USD2.0 billion to USD2.5 billion revenue * Renminbi internationalisation revenue for the first nine months of 2016: USD1.0 billion, down 29 per cent on the first nine months of 2015

* We are now aiming to deliver this target post-2017
9. Implement Global Standards, our globally consistent and rigorous controls to safeguard against financial crime * Completion by end of 2017 * Implementation in progress

For further commentary on our strategic actions and our progress for far, please read the 3Q 2016 Earnings Release.