HSBC profit drop 'not acceptable'

Profit before tax dropped 18 per cent to .8bn (£3.8bn) in the three months to the end of September to fall wide of analyst guidance. The bank also abandoned a key target for returns and warned of a “challenging” period ahead as it deals with economy uncertainty caused by Brexit, the US-China trade war and protests in its native Hong Kong. Gallery: You won't believe how these major companies started out (Love Money) Acting chief executive Noel Quinn, who took charge after the unexpected departure of predecessor John Flint in August, blasted those performances as “not acceptable”. Citing the tough economic environment, the bank abandoned its key return on tangible equity target of over 11 per cent in 2020. HSBC chief executive Noel Quinn said: Parts of our business, especially Asia, held up well in a challenging environment in the third quarter. Our previous plans are no longer sufficient to improve performance for these businesses, given thesofter outlook for revenue growth.

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