reveal that adjusted profits before taxes fell 12% year-over-year to $5.3 billion. The bank's results varied significantly between different regions: It saw strong performance in commercial banking in Hong Kong and the UK, as well as in retail banking in Hong Kong, despite current unrest in the region, HSBC interim group CEO Noel Quinn said in an earnings But part of the bank's portfolio underperformed, such as its continental European business and its non-ring-fenced bank in the UK.
Because of these shortcomings, the bank plans to allocate less capital to underperforming geographies and focus on higher-return opportunities, which Quinn says will require adjusting HSBC's cost base and remodeling its organizational structure. in the Middle East, North Africa, and Turkey, and it's shrinking its investment banking division as it turns away from underperforming segments.
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