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.
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.
HSBC Holdings (HSBA.L) 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. The rise is unlikely to put to rest concerns about HSBC's growth prospects as tougher regulations squeeze profits, investment banking income drops and the threat remains of further litigation over the bank's past conduct. HSBC is expected to report a pretax profit of $5.5 billion for the three months to the end of September, according to the average of 13 analysts polled by the bank.