HSBC's profits plunge 45% as low interest rates and bad loans take their toll


by www.businessinsider.com

www.businessinsider.com— Europe's biggest bank reported lower profits in three of its four divisions in 2020, but its gains in Asia offset its losses in Europe.

the Guardian—HSBC looks to Asia after profits plunge 34%. More executive roles are expected to relocate to home base of Hong Kong as part of Asia shift, where most of its earnings come from HSBC, Britain’s biggest bank, has recorded a 34% drop in profit for 2020 as it prepares to double down on its operations in Hong Kong and China despite concern about the political crackdown in the former UK colony. The bank said on Tuesday that pre-tax profit was down from $13.3bn (£9.4bn) in 2019 to $8.8bn in the 12 months to 31 December, while the adjusted profit...

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