SHANGHAI: HSBC Holdings Plc, which draws more than two-thirds of its pre-tax income from Hong Kong, slumped as advisers to US President Donald Trump discussed a potential move to punish banks in the city and destabilise the currency peg to the dollar.
“Disruption to the currency peg and dollar funding, with HSBC reporting in US dollars, could erode revenue and accelerate material changes in its dual listing and structure,” Bloomberg Intelligence analysts Jonathan Tyce and Francis Chan wrote on Wednesday. The US clearing licence is vital to HSBC’s global operations and the bank is one of the largest international lenders operating in America.
HSBC announced last month it would revive a massive cost reduction plan that had been put on halt due to the virus.
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