Hong Kong’s biggest bank announced US$2 billion in a share buy-back programme and 87 US cents per share in dividend.

HSBC has laid off around 40 investment bankers in Hong Kong, according to a person with direct knowledge of the matter, as part of a global restructuring exercise at the Asia-focused lender to cut costs.

HSBC expects to incur $1.8 billion in expenses by the end of next year related to an overhaul initiated by its new CEO to cut long-term costs and boost profits while navigating diverging interest rate policies and geopolitical turmoil.

Hong Kong’s biggest bank announced US$2 billion in a share buy-back programme and 87 US cents per share in dividend.