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!🤥

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HSBC to revamp business model as lower interest rates hit profitHSBC Holdings PLC on Tuesday signalled it would embark on a pandemic-induced overhaul of its business model, seeking to flip its main source of income from interest rate to fee-based businesses. Higher transaction cost incomingggg..... Didnt wells fargo restructure itself somehow also Maybe they should try honest business and money laundering.
출처: Reuters - 🏆 2. / 97 더 많은 것을 읽으십시오 »

HSBC stock price rises after Europe's biggest bank posts Q3 earnings - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. 90% of news about covid and trump Is relocation to Hong Kong still on the agenda?
출처: BusinessInsider - 🏆 729. / 51 더 많은 것을 읽으십시오 »

HSBC is set to report third-quarter earnings today. Here's what to expectThe bank is expected to release its financial report card for the July-to-September quarter at 12 p.m. HK/SIN.
출처: CNBC - 🏆 12. / 72 더 많은 것을 읽으십시오 »

HSBC to revamp business model as lower interest rates hit profitHSBC Holdings PLC on Tuesday signalled it would embark on a pandemic-induced overhaul of its business model, seeking to flip its main source of income from interest rate to fee-based businesses. Higher transaction cost incomingggg..... Didnt wells fargo restructure itself somehow also Maybe they should try honest business and money laundering.
출처: Reuters - 🏆 2. / 97 더 많은 것을 읽으십시오 »