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    HSBC plans to find additional savings by 2016; 14,000 jobs could be cut

    HSBC said it is considering buying back stock.
    BEN STANSALL/AFP/Getty Images
    HSBC said it is considering buying back stock.

    LONDON — After two years of far-reaching cost cuts and asset sales, HSBC said Wednesday that it planned to find an additional $2 billion to $3 billion in savings by 2016 that would include the elimination of as many as 14,000 jobs.

    In a meeting with investors, the management team of HSBC said it aimed to increase dividends and was considering buying back stock. That would be a first among Europe’s largest financial institutions, which until now have mainly increased capital reserves to comply with stricter regulations.

    HSBC acknowledged that increasing revenue in the current economic environment was a challenge. Economic conditions forced the bank to abandon a target of reducing costs to 48 percent to 52 percent of income. It is now aiming for a cost-income ratio of about 55 percent by 2016.


    ‘‘Given that revenues are quite dependent on the macroeconomic environment, and so are not in their control as much as costs, we think it is important for the cost structure to be as efficient as possible,’’ said Priyanka Agnihotri, an analyst at Sanford C. Bernstein.

    HSBC said it expected to achieve additional savings by simplifying some of its internal processes and aligning internal systems. The total number of jobs could fall to 240,000 by 2016 from 254,000 once all planned business sales are completed in the coming months.