HSBC to revamp business model as lower interest rates hit profit

Reporting a 35% tumble in quarterly profit, Europe’s largest bank also accelerated plans to shrink in size, targeted deeper cost cuts, and said it will resume conservative dividend payments when able.

Earlier this year the bank announced it would merge its wealth and personal banking business in a bid to cross-sell more lucrative products across a wider section of its huge customer base. “We will have to look at charging for basic banking services in some markets, because a large number of our customers in this environment will be losing us money,” Chief Financial Officer Ewen Stevenson told Reuters.FILE PHOTO: An HSBC bank is pictured during the coronavirus disease pandemic in the Manhattan borough of New York City, New York, U.S., October 19, 2020.

The announcement of the restructuring plans helped HSBC shares climb more than 6.5%, although they have still lost nearly half their value year to date. “While the outlook for impairments still remains highly uncertain... HSBC delivered strong third-quarter results in overall terms and the upbeat outlook commentary in terms of strategy execution is reassuring,” said John Cronin, an analyst at Dublin-based brokerage Goodbody.

The bank has no immediate plans to cut more jobs, Stevenson told Reuters, but that could happen as its transformation plans continue.

China is a slave labor camp.

HSBC will soon cut cost and Hong Kong employees further. HKer often benefits oneself at the cost of company.

So instead of charging drug cartels interest, there will be a fee for money laundering?

It’s okay. They have an alternate revenue stream.

does revamping the business model mean they will no longer be laundering drug money? because.. you know.. they launder billions.

Honest bank managers might be a good start? My experience of them stinks.

Lucky they still accept drug cartel money

Maybe they shouldn’t have been virtue signalling dim wits? 🤣

I'm so gutted!🤥

🚨🚨🚨Barda was attacked by the Armenia'n reactive missiles. 4 died (among them kids), 10 wounded. Armenia'n terror against civilians in Azerbaijan continues.

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