HSBC profits fall 33% as bank moves to shed 35,000 jobs

clock • 2 min read

HSBC has put in place a drastic plan to save $4.5bn a year and dispence with $100bn of underperforming assets by the end of 2022. The London-headquartered international giant, which makes 90% of its profits and 50% of its revenue in Asia, released its full-year results for 2019 showing a 33% fall in profits YoY. The bank posted a net profit of $5.97bn, down from $12.61bn in 2018 but still a far cry from the $1.6bn posted for 2016. The bank attributed much of the loss to its investment banking arm and overseas operations in the US and Europe. HSBC confirmed it will be reducing its unde...

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Author spotlight

Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.