HSBC 2019 pre-tax profits drop by a third to US$13.3b

HSBC said on Tuesday its 2019 pre-tax profits fell by a third on year to US$13.3 billion as interim chief Noel Quinn warned that the global banking giant was "not delivering acceptable returns".[HONG KONG] HSBC said on Tuesday its 2019 pre-tax profits fell by a third on year to US$13.3 billion as interim chief Noel Quinn warned that the global banking giant was"not delivering acceptable returns".

The Asia-focused lender has been trying to lower costs as it faces a multitude of uncertainties caused by the grinding US-China trade war, Britain's departure from the European Union and now the deadly new coronavirus in China. Mr Quinn, who took over as acting CEO after the shock ouster in August of John Flint, has been tasked with overhauling the sprawling international bank, which spans more than 50 countries but makes the vast majority of its profit in Asia.

HSBC said a 33 per cent drop in annual profits last year compared to the US$19.89 billion it made in 2018 was largely down to a US$7.3 billion goodwill impairment related to its investment and commercial banking businesses in Europe.

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