We have set out a series of actions to be completed by 2017:
1.Reduce risk-weighted assets across the Group by 25 per cent or more and reinvest the capital in higher-performing businesses. Reducing risk-weighted assets will help our Global Banking and Markets business reach profitability targets
2.Continue to optimise our global network and reduce complexity through the ongoing application of the six-filter process that guides our decisions on where we do business*
3.Leverage our international network and strategic opportunity in the area covered by the North American Free Trade Agreement (NAFTA) to rebuild profitability in Mexico and deliver satisfactory returns in the US
4.Set up a UK ring-fenced bank
5.Make USD4.5-5.0 billion in cost savings
6.Deliver revenue growth above GDP growth from our international network
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
8.Grow business from our global leadership position in the internationalisation of the Chinese currency, the RMB
9.Complete the implementation of Global Standards, our globally consistent and rigorous financial crime controls
10.Complete a review of the location of the HSBC Group headquarters by the end of 2015