Apr 28, 2020

HSBC profits halved by coronavirus pandemic impact

HSBC has said its first quarter profit almost halved from a year ago as it feels the impact of the coronavirus pandemic. The bank increased its expectations of bad loans to $3bn due to the fallout from Covid-19 and as oil prices slump. The London-headquartered bank warned that the negative effect of the pandemic on the global economy would mean an increase in the number of bad loans. Last week the bank said it was pushing ahead with those restructuring plans but had halted job cuts to avoid disruption and leaving staff unable to find work elsewhere due to the coronavirus outbreak. The announcements were in response to calls from the Bank of England to restrict bonuses.

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