Oct 27, 2020

HSBC to accelerate restructure plan to slash costs

The bank says it will provide a detailed plan with its full year results in February next year. After a 65% drop in pre-tax profits for the first half of the year, the bank said in August that it would accelerate the plan. The bank now says its expenses are trending to the lower end of that range. In September, HSBC's share price fell to its lowest level since 1995 amid allegations that the bank had allowed fraudsters to transfer millions of dollars around the world, even after learning of the scam. At its peak, the bank employed more than 300,000 people, but since the global financial crisis, the bank has trimmed its operations significantly.

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