The Trader 

Market Outlook: HSBC’s full-year profits fall 33 per cent

The Trader

HSBC’s interim CEO Noel Quinn announced early this morning that 2019’s pre—tax profit was US$13.35 billion, well short of analysts’ expectations, because of a goodwill impairment worth $7.3 billion – due largely to its European and commercial banking operations. Share buy-backs have been cancelled in 2020 and 2021 as Europe’s biggest bank will work on a ‘’high level of restructuring’’. This will include 35,000 job cuts over the coming 3 years, believed to be mainly in the investment banking operation.

To continue reading, register today

to enjoy limited access to the following:

  • Daily trading news
  • Funds coverage
  • Features on big investment themes
  • Comprehensive companies coverage
  • Economic analysis
Subscribe to Investors Chronicle

Related topics

Subscribe today

Full access for just £3.37 a week:

• Tips and recommendations - to beat the market 
• Portfolio clinic & Mr Bearbull - build a well-planned portfolio 
• Expert tools - track and manage investments effortlessly
• Plus free delivery to your home or office

Subscribe Now