Feb 18, 2020

HSBC sees annual profit slump by 33%

HSBC has said its profits for 2019 fell by 33%, mainly due to its investment and commercial banking operations in Europe. The bank, which makes the bulk of its revenue in Asia, reported annual profit before tax of $13.35bn. The results come as an announcement on strategy is being made by interim chief executive Noel Quinn. HSBC currently operates in more than 50 countries across North America, Europe, the Middle East and Asia. In October, Mr Quinn flagged plans to cut back the company's less profitable operations in mainland Europe and the US. HSBC's global banking and markets division, which includes its investment bank, has done less well than its commercial and retail banking businesses.

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