HSBC Holdings Plc (HSBA.L), Europe's biggest bank, will find most of the $3.5 billion it wants to save by trimming staff and cutting less profitable operations outside of Asia, its chief executive said on Thursday. HSBC (0005.HK) Chief Executive Stuart Gulliver also said the lender's retail banking operations in China and India were still making a loss, but it would continue to run its business there because it needs a substantial yuan and rupee deposit base. "Asia is not the problem," Gulliver told an informal shareholders' meeting in Hong Kong. "There are some parts of the world that need sorting out, and it's not Asia." It is still looking to grow the number of employees it has in the region, while looking to cut costs in other non-staff expenses, Gulliver said.
Source
