• Foreign Affairs
  • Money Matters
  • Domestic Affairs
  • IT, Innovation and Startups
 

Talk Finance

£$$€№₮IAL €¢¤₦¤MI¢ №€₩$
  • Foreign Affairs
  • Money Matters
  • Domestic Affairs
  • IT, Innovation and Startups

Talk Finance

  • Foreign Affairs
  • Money Matters
  • Domestic Affairs
  • IT, Innovation and Startups

In Money Matters

HSBC profits fall 65 y/y, COVID and international tensions are to blame

3rd August 2020

HSBC profits fall 65 y/y, COVID and international tensions are to blame Pin It

The British bank HSBC has seen a sharp fall in profits over the past six months. It came as the consequences of, among other things, corona crisis, lower interest rates and increased geopolitical tensions are the reason for this, according to Noel Quinn.

HSBC reported a profit before tax of $ 4.3 billion. That’s 65 percent less than a year earlier. Revenues fell by 9 percent to 26.7 billion dollars. Quinn specifically mentioned tensions between the United States and China as a longer-term challenge for the bank.

“The current tensions inevitably create challenging situations for an organization like HSBC,” said Quinn.

The CEO also announced that the reorganization announced in February would be speeded up. This includes, for example, the merging of activities and the reduction of the US office network. HSBC also intends to cut a total of 35,000 jobs in the coming years, as it turned out at the time. In the first half of the year, 4,000 of these have disappeared. The Financial Group currently employs just over 230,000 people.

Share

No Comments

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Previous Post

Pharma crisis in Kazakhstan…

In Foreign Affairs

Pharma crisis in Kazakhstan is a gift for Timur Kulibayev and the clan

View Post

Next Post

EasyJet performs better than expected

In Money Matters

EasyJet performs better than expected

View Post

In Domestic Affairs

Brexit causes a massive HR re-distribution among financial specialists

View Post

In IT, Innovation and Startups

Jack Ma considers divestment from ANT Group

View Post

In IT, Innovation and Startups

NVidia will not abandon the plan to acquire ARM

View Post

In Money Matters

Amazon may become 6th largest supermarket chain

View Post

Newsletter

Latest News

View

British flower delivery service acquires a competing Dutch service

23rd April 2021

View

Economic activity indicator is the highest in 27 years

23rd April 2021

Boris Johnson

View

Dyson tax case may vacuum out several MPs and PM

22nd April 2021

View

Sleepy Joe turns out to be Speedy Joe, according to Richard Koo

21st April 2021

Allow us to introduce ourselves

Talk-Finance.co.uk, the analytic media. We are focused on the fresh business, M&A and financial data. We pay attention to the interesting new projects and startups while not letting the whole picture to let unnoticed.

  • Investing.com
  • Runch.co.uk

Sign Up for Our Newsletter

Our friendly crew

  • Matthew Patridge, the chief Editor
  • Chris Kimble, the managing Editor
  • Matthew Weller, webmaster&technical stuff
  • Charles Sizemore, author
  • David Stevenson, author
  • Helen Rush, author

Contact us by [email protected]

© 2019 Talk Finance - All Rights Reserved. [email protected]