Banking giant, HSBC has said that its profits are expected to rise to about $24 billion for 2013 as it implemented a cost cutting programme.

Under the cost cutting plan, the company is aiming to revive business by reducing costs across functions. Chief Executive Stuart Gulliver has sold or closed 60 businesses, cut 40,000 jobs and aimed at cutting costs across the global organisation during the previous three years.

Estimates have shown that the previous year's operating costs are expected to fall $5 billion from 2012 and improve profitability. Experts have said that the head of the Europe's biggest bank by market value will continue to focus on cost cutting but also required to increase revenues.

The bank is facing slower growth in the Asian market and is also facing slower business as it sold U. S. credit cards business and half of its U. S. branch network. The company is also selling its stake in Chinese insurer Ping and the company should look for ways to revive business. The company is looking to boost growth in its two core markets, Hong Kong and Britain. It also expects China and the rest of Asia-Pacific to grow in the coming years.