HSBC profit drops 45% in Q2
(MENAFN) HSBC is contending with slowing economic growth in China and the prospect of a recession in the UK, amid a program to eliminate thousands of jobs and redeploy as much as $150 billion of assets in Asia.
The bank has registered a profit fall of 45 percent in the second quarter, missing analysts' forecasts. The company announced a $2.5 billion share buyback before year-end.
However, pretax profit fell to $3.61 billion from $6.6 billion a year earlier, Europe's largest bank said in statement Wednesday. That compared with the $3.9 billion average estimate of 14 analysts compiled by the lender.
It's worth mentioning that HSBC has slashed more than 87,000 jobs, exited at least 80 businesses and reduced the bank's vast global footprint to 71 countries and territories from 88.
The bank has registered a profit fall of 45 percent in the second quarter, missing analysts' forecasts. The company announced a $2.5 billion share buyback before year-end.
However, pretax profit fell to $3.61 billion from $6.6 billion a year earlier, Europe's largest bank said in statement Wednesday. That compared with the $3.9 billion average estimate of 14 analysts compiled by the lender.
It's worth mentioning that HSBC has slashed more than 87,000 jobs, exited at least 80 businesses and reduced the bank's vast global footprint to 71 countries and territories from 88.
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