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HSBC is sinking after the bank reported an 'unacceptable' 24% decline in profits in its latest earnings

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The bank announced it would be remodelling large parts of the company as it abandoned its main financial target.

HSBC's stock is falling after the bank announced a 24% decline in net profits in the third quarter and now is set to remodel large parts of the firm. Acting CEO Noel Quinn said the performance of parts of the bank was"unacceptable." The bank's stock was down 4.3% in premarket in New York at 6:00 a.m. and 4.6% in London at 10:00 a.m. View Business Insider's homepage for more stories.

HSBC's stock is falling after the bank announced a 24% decline in net profits in the third quarter and now is set to remodel large parts of the firm. Acting CEO Noel Quinn said the performance of parts of the bank was"unacceptable." The bank's stock was down 4.3% in premarket in New York at 6:00 a.m. and 4.6% in London at 10:00 a.m. View Business Insider's homepage for more stories.

 

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No more laundry poor bank 😭😂

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HSBC CFO says to expect 'material action' against struggling business unitsThe bank is looking at ways to reshape its non-ring-fenced bank in the United Kingdom and its U.S. business, HSBC Group CFO Ewen Stevenson said.
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