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.
LONDON — HSBC Holdings Plc., Europe’s biggest bank, posted lower than expected earnings on Monday, as a slowdown in emerging markets led to lower revenue and revived concerns about growth prospects at Europe’s biggest bank.
Its shares fell more than 5%.
Pretax profit rose 10% in the first half year as the bank’s three-year cost-cutting plan paid off and losses on bad debts declined. But this fell short of forecasts after a steeper than expected 12% drop in revenue.