HONG KONG: HSBC on Monday said profits for the first half of 2020 plunged by 69 per cent on year as the banking giant was hammered by the COVID-19 pandemic and spiralling China-US tensions.
Even by the standards of the current economic maelstrom engulfing global banks, HSBC has had a torrid year.Before the coronavirus crisis it was beset by disappointing profit growth, ground down by US-China trade war uncertainties and Britain's departure from the European Union. But HSBC has a further headache - geopolitical tensions via its status as a major business conduit between China and the West.
China's internet censors blocked access to HSBC's statement within hours of publication, without offering an explanation."Current tensions between China and the US inevitably create challenging situations for an organisation with HSBC's footprint," he said.
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