HSBC targets cross-selling revenue boost HSBC says it could generate an extra $1bn of cross-selling revenue from the closer integration of its four main businesses, on top of the $1bn it has been targeting, as part of the restructuring of the UK-listed bank. The group has already sold or closed 28 small or non-strategic businesses since Stuart Gulliver, chief executive, launched his overhaul last May, which has seen the bank cut up to $55bn in risk weighted assets from its balance sheet and shed nearly 30,000 staff. Mr Gulliver launched the overhaul to try to turn a sprawling empire that was attempting to be "the world's local bank" into one that was more focused on the businesses and markets where it could find growth and funding and thereby generate better profitability. Aside from the $1bn increase in the hoped-for revenue synergies, the bank held fast on its other targets in a strategy update released at the start of an investor day on Thursday. "We are making material progress towards getting HSBC into shape for the future - a simpler, more coherent organisation that is easier to manage and control," Mr Gulliver said in a statement. We are reaffirming our targets, and while market conditions and changing regulatory costs will continue to influence our performance, we have clear and robust programmes in hand to manage costs and capture opportunities for growth. The group has closed or sold out of mostly retail and wealth banking business in Slovakia, Georgia, Poland, Russia, Hungary, Thailand, Japan, Costa Rica, Honduras, El Salvador, Chile, Colombia, Peru, Uruguay and Paraguay. It has also announced talks to sell businesses in South Korea and Pakistan, while it has a number of other businesses in Asia and elsewhere that remain not part of its strategic priorities such as Bangladesh, Sir Lanka and the Philippines. HSBC said it had already achieved sustainable annual cost savings of $2bn as part of its cutbacks and expected to increase that to close to $3.5bn. It also said it was reaffirming its financial targets of achieving a cost-efficiency ratio of 48-52 per cent and returns on common equity of 12-15 per cent. HSBC's stock slipped 40 cents to HK$66.05 at lunchtime in Hong Kong.