HSBC sets new cost cutting, profit targets after 2019 profit falls 33%

FILE PHOTO: The HSBC headquarters is seen in the Canary Wharf financial district in east London, Britain February 15, 2016. REUTERS/Hannah McKay/File Photo

The wider strategy overhaul comes amid slowing economic growth in HSBC’s major markets, an outbreak of a fast-spreading coronavirus, Britain’s protracted withdrawal from the European Union, and lower central bank interest rates. Europe’s biggest bank by assets, which makes the bulk of its revenue in Asia, reported profit before tax of $13.35 billion for 2019 versus $19.89 billion a year earlier. That compared with the $20.03 billion average of brokerage estimates.

The bank said it planned to achieve a reduced adjusted cost base of $31 billion or below in 2022, underpinned by a new cost reduction plan of $4.5 billion, and return of tangible equity in the range of 10% to 12% in the same period.

mizdonna They ran out of South American drug money and Russian dirty business?

How you lose a third of your money and pretend to still be viable? Break up the banks.

Are HSBC's loses real, or just an accounting fudge to make job cuts more acceptable (to those who's jobs aren't being cut)?

British multinational. Hold off on your dire predictions (hope) that the economy will crash.

Good bye all British jobs why trade in a country that no longer wants to be part of the real world

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