• HSBC published a transcript of its Q2 2026 post-results equity analysts meeting held Aug. 5, attended by equity analysts in Hong Kong and London.
• Group CFO Pam Kaur flagged cost growth of 2% net in 1H26, tracking to “about 1%” cost guidance on a target basis.
• Kaur cited USD 300 million higher simplification saves versus prior-quarter messaging, expected to deliver USD 0.5 billion additional realised saves in FY27.
• Management pointed to USD 1.1 billion of cost redeployments from announced divestments through 2026-2028, estimating a broad-brush revenue impact of about USD 2 billion.
• Kaur said China rule clarification has not slowed onboarding or client acquisition, with customer momentum continuing into July and minimal exposure to mainland trust-account activity.

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