HSBC, which used to position itself as the world's local bank, employs many COOs because country and business lines have their own separate COO, the sources said. CEO Noel Quinn said on Thursday HSBC has identified $1.7 billion of extra cost cuts it will make next year as it battles to meet an overall goal of costs rising by no more than 2% despite inflationary pressures. Incoming finance officer Georges Elhedery has been involved in the project to trim management headcount, the sources said.