Feb 21, 2017
HSBC sees full year profit plunge 62% to $7.1bn
The bank attributed the fall in profit to a string of one-off charges, including the sale of its operations in Brazil. The bank confirmed last year it would keep its European headquarters in London, despite Britain's vote to leave the European Union. Announcing the results on Tuesday, HSBC chairman Douglas Flint said the bank's current planning suggested it may need to relocate some 1,000 roles from London to Paris over the next two years, depending on how negotiations develop. He added the bank had "Broadly all the licenses and infrastructure needed to continue to support our clients once the UK leaves the EU". HSBC makes most of its money outside the UK and in Asia accounts for the bulk of bank's global pre-tax profit. HSBC had revealed plans earlier in the year to shut a further 62 bank branches in the UK in 2017, due to growth in mobile and internet banking which means many of its customers now conduct their transactions via the internet or on smartphones.
Related companies
Make a complaint about HSBC by viewing their customer service contacts.
