HSBC HOLDINGS PLC (HSBC) Q4 2019 Earnings Call Transcript

HSBC HOLDINGS PLC (HSBC) Q4 2019 Earnings Call Transcript

The first is to take you through our Q4 and full-year results for 2019, and the second is to tell you how we're going to address the underperforming parts of the business and simplify the Group to increase returns, reduce our cost base and create capacity to invest in growth and technology.. The UK ring-fenced bank was impacted the redress costs $224 million in the fourth quarter, driven mainly by sharply higher expected litigation costs in relation to PPI.. We're making progress on reducing our cost run rate down from -- down by half from 5.6% to just under 3% in 2019.. We've reduced net risk-weighted assets in the quarter by $22 billion, including a $19 billion reduction in Global Banking and Markets.. The turnaround of Global Banking -- Global Private Banking continues with net new money of $23 billion in the year.. Commercial Banking revenues were up 6%, underpinned by strong growth in both lending and deposits.. In Asia, revenues up 7% overall with good growth across most of the region and the UK ring-fenced bank had revenue growth of 3% underpinned by deposit balance and mortgage growth.. On Slide six, as we said over recent quarters, we've also