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.
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.
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.
Europe's biggest bank HSBC said on Tuesday that group net profits hit $2.58 billion (1.98 billion euros) in the first quarter, down 38 percent on changes to debt valuation, while pre-tax earnings soared.The London-headquartered bank said the drop reflected "adverse credit spread movements on the fair value of our own debt" and partly owing to a higher tax charge.Stripping out the exceptional charges, HSBC said pre-tax profits jumped by 25 percent to $6.8 billion in the three months to March 31 compared with the first quarter of 2011.