HONG KONG/LONDON - HSBC Holdings PLC beat forecasts with a 31 percent rise in first quarter profit, bolstered by a surge in income from its core Asian business and lower costs that outweighed a poor performance from investment banking.
Europe’s biggest bank by assets said operating expenses dropped 12 percent in the January-March quarter, helped by one-off sales in its retail and commercial businesses and the non-recurrence of U.S. regulatory fines for past misdeeds. While HSBC’s U.S. business continued to drag down the group and its investment bank fared poorly compared with peers, the bank grew revenues 7 percent in Asia and saw income in its retail and commercial banking divisions rise around 10 percent.
HSBC’s stock traders did particularly badly, with revenues tumbling 34 percent excluding a favorable one-off provision, the worst performance of an equities business in the quarter among major U.S. and European banks. The lender reshuffled the unit on Tuesday as former JPMorgan banker Greg Guyett put his stamp on the business.
The bank said the turnaround strategy for its U.S. business, which has for years underperformed, was progressing, but the task remained its “most challenging strategic priority”.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
HSBC beats estimates with 31 percent first-quarter profit rise as costs declineHSBC Holdings PLC beat forecasts with a 31 percent rise in quarterly profit, bol... 這家銀行問題非常大。 FoxNews theresa_may netanyahu standamericanow GOP HongXiuzhu
Source: Reuters - 🏆 2. / 97 Read more »
HSBC shakes up under-pressure global banking businessHSBC has reshuffled its global banking division as former JP Morgan banker Greg ... The world most dirty bank will never shakes up. HSBC is a dirty bank!
Source: Reuters - 🏆 2. / 97 Read more »
HSBC Profit Rises Thanks to Retail Banking and Wealth ManagementHSBC Holdings said its first-quarter net profit rose 33.7% from a year earlier, aided by strong revenue growth from its retail banking and wealth-management businesses. Ummm........tax cuts anyone? Oh thank God they made a profit. Be still my beating heart these Pillars of humanity have made the almighty profit. Oh hail, Koch trump Mercer Wilbur
Source: WSJ - 🏆 98. / 63 Read more »
Asia factory activity 'bottoming out' but policy support still neededFactory activity recovered last month in parts of Asia but still appeared to be ...
Source: Reuters - 🏆 2. / 97 Read more »
Global migrants' journey stalls in southern MexicoThousands flee conflict or poverty in Africa, Asia and the Americas. As it should.mexico needs to help turn off the faucets. Migrant madness! They've heard about the open southern border to the U.S.
Source: ABC - 🏆 471. / 51 Read more »
The China Challenge: Inside Xi Jinping’s military revolutionAmerican aircraft carriers are the backbone of U.S. military supremacy. Now, Xi’s Rocket Force could render them obsolete in a conflict with China. Catch up with our specialreports series specialreports Guess where they got the tech same time as Russia. specialreports Nonsense, the emptiest vessels make the most noise. The biggest threat to the US is what it’s always been and that is its own left wing liberals specialreports Building the chinese empire / The people's army
Source: Reuters - 🏆 2. / 97 Read more »
Asian shares fall as China manufacturing data disappointsShares in Asia fell on Tuesday as readings on China's manufacturing activit... What’s app space good Asian
Source: Reuters - 🏆 2. / 97 Read more »
China’s fintech funding dipped significantly in Q1 2019Global fintech funding was down 13% from $7.3 billion in Q4 2018 to $6.3 billion in Q1 2019, according to a new report from CB Insights.
Source: BusinessInsider - 🏆 729. / 51 Read more »
🔊 Listen Now: Yoga Guru Creates Retail Empire Amid Wave Of Hindu NationalismA barefoot, bearded yoga guru is behind a booming retail empire in India. Baba Ramdev sells Ayurveda, wellness products based on Hindu healing. It's all the rage amid a wave of Hindu nationalism. NPRone one one How is this news? People sell snake oil to fools everywhere. QuackDetector one It's all show ... NoToCorruption
Source: NPR - 🏆 96. / 63 Read more »
Asian shares dip as investors await China data, FedShares in Asia fell on Tuesday despite another record high close for the S&P 500... China Manufacturing data barely had a heartbeat
Source: Reuters - 🏆 2. / 97 Read more »
Australian dollar slips as China data hits riskThe Australian dollar led risk assets lower in Asia on Tuesday after a survey on... Oi, Bugger! 🇦🇺
Source: Reuters - 🏆 2. / 97 Read more »