Embattled HSBC to press on with restructuring

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By Jasper Cox, Tyler Davies
03 Aug 2020

HSBC revealed a big increase in credit loss provisions in its second quarter results on Monday, as it vowed to step up the pace of its strategy shift. In the investment bank, it was a strong outing for fixed income and currencies trading, but a disappointing quarter for equities.

At group level, it was a difficult set of quarterly figures for HSBC. Revenue was down 13% year-on-year to $13.1bn, while the bank provisioned for $3.83bn of expected credit losses (ECL). Once operating expenditure and other items were factored in, HSBC recorded profit before tax of $1.09bn, ...

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