Global banking giant HSBC said Thursday that it has so far slashed $2.0 billion of costs in the first year of its ambitious plans to axe a total of $3.5 billion.

HSBC, holding an investor day presentation in London, also revealed that it expected to reach the top end of its $2.5-3.5 billion cost savings target by the end of 2013.

"What investors have been sceptical about is whether we can get our hands round HSBC. I think we have shown this," said chief executive Stuart Gulliver at the investor day.

Gulliver also warned that the ongoing eurozone sovereign debt crisis and other regulatory changes might force the bank to increase the intensity of its restructuring.

And he added: "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.

News: The Daily Star/ Bangladesh/ 18-May-2012