LONDON (Reuters) - HSBC was set to report quarterly profit of almost $6 billion on Tuesday as Europe's biggest bank benefits from a rebound in investment banking income and falling bad debts, although it is struggling to cut costs.
LONDON (Reuters) - HSBC's <HSBA.L> first quarter profits fell 20 percent from a year ago to $6.8 billion as revenue dipped at its investment bank, while last year's earnings were swelled by asset sales. HSBC, which is Europe's biggest bank but makes most of its profits in Asia, said it had continued to experience "muted customer activity" in April.
JPMorgan Chase & Co., the biggest U.S. bank, plans to reduce headcount by as many as 19,000 people in its mortgage and community banking businesses through 2014 as Chief Executive Officer Jamie Dimon cuts expenses.
Bank of Nova Scotia, Canada’s third-biggest lender by assets, posted quarterly profit that beat analysts’ earnings estimates, helped by increased income from domestic consumer lending and wealth management.
Net income for the three months ended April 30 climbed 14% to a record $1.8 billion, or $1.39 a share, from $1.58 billion, or $1.22, a year earlier, the Toronto-based bank said Tuesday. Adjusted profit, which excludes some items, was $1.40 a share, above the $1.31 average estimate of 13 analysts surveyed by Bloomberg.