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: HSBC is set to extend a six year overhaul of its US business to revive its fortunes rather than add it to the 77 businesses sold in the past four years, the British bank's boss said on Tuesday. HSBC Chief Executive Stuart Gulliver has said he could sell underperforming businesses in the United States, Brazil, Mexico and Turkey if they cannot be turned around.
HONG KONG/LONDON — Annual profit at HSBC Holdings slumped 62 per cent and fell far short of analysts’ estimates as Europe’s largest bank took hefty writedowns from restructuring and pointed to brakes on revenue growth.
HSBC shares slid more than 6 per cent after the company reported revenues fell by a fifth from 2015, underscoring the challenge the bank faces to boost returns amid low global interest rates and slowing economic growth in its core markets of Britain and China.
HSBC Holdings Plc, Europe’s largest bank, will eliminate as many as 14,000 more jobs as Chief Executive Officer Stuart Gulliver set out plans to cut an additional US$3-billion of costs as he tries to revive profitability.
The bank expects to reduce the number of employees to as few as 240,000 over the next three years, Gulliver told reporters on a conference call Wednesday as he updated investors on his strategy for the London-based lender. HSBC had already announced plans to reduce headcount to about 254,000.
LONDON (Reuters) - HSBC Holdings is expected to report a 10 percent rise in quarterly profit on Monday as Europe's biggest bank benefits from cost cuts and the absence of a big provision to cover a fine last year.