LONDON, May 7 (Reuters) - HSBC made $275 million of sustainable savings in the first quarter and sees plenty more opportunities to reach its target of achieving a further $2-3 billion in annual cost savings, its finance director said on Wednesday.
“There is no let up or absence of opportunity to realise cost savings,” HSBC Finance Director Iain Mackay told analysts on a conference call.
Mackay said there were some pressure on revenues in Brazil and elsewhere in Latin America, but revenue trends were “broadly constructive” for Asia and “generally stable” elsewhere.
HSBC reported a 20 percent fall in first quarter profits after revenue dipped at its investment bank and last year’s earnings were swelled by asset sales. (Reporting by Steve Slater; Editing by Matt Scuffham)