HSBC set to unveil bigger profits as cost-cutting overhaul in focus - Rivals Barclays and NatWest set the tone for the banking sector when they reported stronger earnings this week.

The UK government is reducing its stake in NatWest, formerly RBS, following its £46bn bailout during the 2008 financial crisis. The Treasury now holds a stake of just under 7 per cent in the bank, down from 38 per cent in December 2023, and is expected to sell its remaining shares in the coming months.

HSBC is preparing to report $1.5 billion of annual cost savings from the changes implemented under its broad restructuring initiatives, the Financial Times reported on Thursday.