Pedestrians walk past a branch of the British multinational banking and financial services holding company, The Hongkong and Shanghai Banking Corporation, or HSBC, in New York City.HSBC reported an 11% drop in revenue and a 36% slide in pre-tax profits for the third quarter on Thursday.
"I'm pleased with the significantly lower credit losses in the quarter, and we are moving at pace to adapt our business model to a protracted low interest rate environment," CEO Noel Quinn said in the earnings release.HSBC's posted lower revenue and profits in the third quarter as the coronavirus pandemic weighed on its operations.
"These were promising results against a backdrop of the continuing impacts of Covid-19 on the global economy," CEO Noel Quinn said in the earnings release.
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