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.

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

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.

HSBC HSBA.L posted annual profit on Wednesday that beat estimates, helped by increased revenue in wealth and markets businesses, and set stiff cost-cut targets as its new CEO implements a revamp of the Asia-focused bank to boost returns.