LONDON: British bank HSBC said it expects to make progress on resolving past conduct issues this year.
“As recent events have shown, there are a number of legacy issues left to resolve. We will make further progress on these in 2015,” Chief Executive Stuart Gulliver told investors at the annual meeting in London.
Gulliver also said the costs of operating a global business model had increased significantly in recent years, which had required the bank to revise the targets it set in 2011.
“These costs are not going to go away, or likely be reduced. Rather, they represent the new normal for global banks,” he said.
