HONG KONG/LONDON -HSBC Holdings beat forecasts on Monday with first-half pretax profit that more than doubled from last year when it set aside a huge amount of cash to cover pandemic-related bad loans.
Growth is set to come from boosting assets under management in its wealth business and shifting more of its investment banking resources from Europe and the United States to Asia, Chief Executive Noel Quinn told Reuters. Revenue for HSBC's investment bank slid 23per cent in the second quarter against the same period a year ago at a time when U.S. banks and U.S.-focused rivals such as Barclays have seen strong performances.
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