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.
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