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

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

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 bank...

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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.