Oct 30, 2017

HSBC revenue growth exceeds expectations

Revenue at HSBC climbed more than expected in the third quarter of 2017 as deposit income rose across the bank's three main global businesses. Adjusted revenue for the third quarter rose 2 per cent to $13bn, besting an average broker estimate of $12.7bn compiled by HSBC. The bank attributed the rise to higher deposit income across its retail banking and wealth management, commercial banking and global banking and markets divisions. The quarterly earnings are the first since Mark Tucker, formerly the chief executive of Asia-focused insurer AIA, became the first outsider to assume the role of chairman at HSBC since the bank was founded 152 years ago. After weathering a number of crises during their tenure, including an embarrassing private banking scandal, Mr Gulliver and former chairman Douglas Flint steered the bank through a number of sweeping reforms focused on its investment banking division. Mr Flint, an HSBC lifer with almost three decades at the bank, is viewed by analysts as a safe pair of hands and is expected to exert a moderating influence on Mr Tucker, whose leadership at AIA spurred a 50 per cent jump in revenues and profits.

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