HSBC looks to Asia after profits plunge 34%

SourceThe Guardian
SectorFinancial Markets
CountryMiddle east

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 before tax of $12.1bn (£8.6bn) fell 76% on the year before. The bank reported an adjusted revenue of $50.4bn (£35.8bn), representing a fall of just 8% on 2019, but its shares shot up 3.3% in early trading in Hong Kong following Tuesday’s announcement. The bank announced a major executive reshuffle on Monday that saw its chief financial officer, Ewen Stevenson, assume responsibility for the group’s transformation programme and its mergers and acquisitions agenda. In addition, Stephen Moss, who was head of strategy, will take on the role of chief executive for the Middle East, North Africa and more...