HSBC chief executive Stuart Gulliver today expressed his confidence that the bank will hit the strategic capital, profitability and efficiency targets outlined a year ago, adding it is on track to achieve most of the $2.5bn to $3bn in planned cost savings as its efforts to exit non-core businesses and redeploy assets to higher-growth markets continue apace.

HSBC group chairman Douglas Flint got the bank's investor day under way this morning by saying the bank's board is "very satisfied" with the progress made in the past 12 months on its strategic plan, with "very strong progress" made in exiting or eliminating businesses after striking 28 deals since the start of last year.