HSBC dropped its 2020 profit target, reported a sharp fall in earnings and warned of a costly restructuring For more business news, follow ReutersBiz
HONG KONG/LONDON - HSBC Holdings Plc dropped its 2020 profit target, reported a sharp fall in earnings and warned of a costly restructuring, as interim Chief Executive Noel Quinn seeks to tackle its problems head-on in his bid for the full-time role.
The bank’s shares fell 3% in London on Monday morning, against a 0.5% dip in the STOXX European banks index. One of Quinn’s biggest headaches is HSBC’s U.S. retail banking business, which has struggled for years against much bigger domestic rivals and where it booked a loss of $189 million in the first nine months of the year.
Its trading businesses in particular had a tougher third quarter than U.S. peers, with revenue down 22% in fixed income, currencies and commodities, and down 26% in equities.
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