Change is in the air at HSBC. The lender has been right to concentrate on cost-cutting, having exited 50 businesses and announced roughly 44,000 lay-offs since 2011 - even if its cost-to-income ratio has risen over the past three years. Indeed, banks have been at pains recently to show investors that they can still grow, but HSBC does have greater exposure to emerging markets, while "soggy" top lines are being me with a renewed focus on efficiency and returns, with the lender's pay-out ratio having improved from 47% in 2010 to 55% last year, the FT's Lex column writes. The LSE is a much different creature now than just a few years ago, not to mention ten years ago, when its core business was trading London equities. It is well enough diversified, and with plenty of opportunities internally, not to need new challenges via acquisitions. However, there is a lot to do before the full benefits of recent actions will be seen. As well, and despite what some market reports may suggest, it has two supportive Middle East shareholders - with 36 per cent of the capital between them - who will see off any unwelcome interest in the firm. Hence, any bid premium seems inappropriate, and at 14 times' earnings the time may have come to take some profits, says The Times's Tempus. easyJet shares may yet have more to rise, despite having trebled over the space of the last 18 months. The aforementioned was the result of rare capacity discipline by various of its competitors - who have been cutting non-profitable routes - at the same time that it has been increasing its own. As well, the company's shrewd route network development means that it can probably still tap into markets where there is room for growth. Then there is the prospect for new opportunities, such as in Russia and Scandinavia. At 15 times' 2013 earnings the shares aren't a steal, "but they may not be ready to level off just yet," says the FT's Lex column. Please note: Digital Look provides a round-up of news, tips and information that is impacting share prices and the market. Digital Look cannot take any responsibility for information provided by third parties. This is for your general information only as not intended to be relied upon by users in making an investment decision or any other decision. Please obtain a copy of the relevant publication and carry out your own research before considering acting on any of this information.AB