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Cutting through

18 February 2020 By Liam Proud

Noel Quinn is aiming for a return on tangible equity of up to 12% in 2022. He plans to get there by axing $4.5 bln in costs and better allocating capital. For all the upheaval, the shares already imply a similar level of profitability. The main risk now will be missing the mark.

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