HONG KONG, April 28 — HSBC today said first quarter pre-tax profits almost halved as the banking giant was battered by the global coronavirus pandemic while it embarked on a major restructuring. The lender reported pre-tax profits of US$3.2 billion (RM13.9 billion), down 48 per cent from the same...
Covid-19 has thrown a spanner into the works with HSBC today confirming many of the redundancies would be put on hold for now “to reduce the uncertainty” many of its employees would face in a decimated jobs sector. — Reuters pic
“The economic impact of the Covid-19 pandemic on our customers has been the main driver of the change in our financial performance since the turn of the year,” newly confirmed CEO Noel Quinn said in a statement. Earlier this year it announced plans to slash 35,000 jobs, trimming fat from less profitable divisions, primarily in the United States and Europe.
In recent years HSBC’s Asia business has done well — fuelled primarily by China — but Europe and the US have disappointed. The restructuring plans are the most ambitious since 2012 when HSBC was caught up in a Mexican money laundering scandal. But Quinn added it was facing down the global pandemic “from a position of strength” with “robust levels of capital, funding and liquidity”.
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