HSBC ramps up restructuring after 'difficult quarter'

摘要

HSBC'S profit last quarter crashed 82% from a year earlier to US$1.1bn due to softer revenues and a jump in loan-loss provisions, and Europe's biggest bank warned of more pain to come this year. Its shares tumbled to an 11-year low. Finance chief Ewen Stevenson said a resilient performance in Asia and strong fixed income had been among few bright spots in "a difficult quarter", and there were stiff headwinds ahead. "Many parts of the business were hit by very high ECLs [expected credit losses] and significant revenue pressures," Stevenson said. "As we look out to the second half, there remains considerable uncertainty: the continuing impact of Covid-19, the ongoing Brexit negotiations and US-China tensions and any impact this has on our Hong Kong franchise."