HSBC looks to Asia after profits plunge 34%

  • HSBC looks to Asia after profits plunge 34%

     Anonymous updated 1 week, 4 days ago 1 Member · 1 Post
  • Anonymous

    Member
    February 23, 2021 at 9:22 AM

    More executive roles are expected to relocate to home base of Hong Kong as part of Asia shift, where most of its earnings come from

    HSBC, Britain’s biggest bank, has recorded a 34% drop in profit for 2020 as it prepares to double down on its operations in Hong Kong and China despite concern about the political crackdown in the former UK colony.

    The bank said on Tuesday that pre-tax profit was down from $13.3bn (£9.4bn) in 2019 to $8.8bn in the 12 months to 31 December, while the adjusted profit before tax of $12.1bn (£8.6bn) fell 76% on the year before.

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