Feb 23, 2021

HSBC sees 34% drop in profits from Covid impact

The bank reported profit before tax of $8.78bn for 2020, down from $13.35bn a year earlier. HSBC has a 150-branch network in the US and it would mark the end of the bank's 40-year association there. The bank has come under fire for its endorsement of a controversial national security law that China has imposed on Hong Kong. Carrie Lam, Hong Kong's chief executive, has praised the bank in recent weeks, saying she would "Love" for HSBC to expand in the city. Founded in 1865 as the Hongkong and Shanghai Banking Corp., HSBC moved its base to London in 1993 after buying Midland Bank in the run-up to the colony's 1997 return to China.

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