Interim HSBC CEO Noel Quinn scrapped an 11% return on tangible equity target as pre-tax profit fell 12%. Ideas like offloading the French unit are easy, but he and Chairman Mark Tucker will have to think bigger to satisfy shareholders, says LiamWardProud:
HSBC on Oct. 28 abandoned a 2020 return on tangible equity target of more than 11% as the UK-based bank reported a 12% decline in adjusted pre-tax profit and said the “outlook for revenue growth is softer than we anticipated.“
Revenue in the third quarter fell 2% from a year earlier, to $13.3 billion, adjusted for currency fluctuations, movements in the paper value of financial instruments and one-off expenses. Adjusted pre-tax profit was $5.3 billion. HSBC’s return on average tangible equity in the first nine months of 2019 was 9.5%, compared with 10.1% in the same period in 2018.
Interim Chief Executive Noel Quinn said he was accelerating plans to restructure businesses in Europe and the United States and moving capital to higher-growth areas elsewhere.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
China should ease regulations for foreign financial institutions: HSBC executiveChina should ease regulations so that foreign financial institutions can obtain ...
Consulte Mais informação »
Europe's largest lender HSBC says pre-tax profits dropped 18% year over yearOn an adjusted basis, HSBC said its pre-tax profit fell 12% to $5.3 billion. Analysts predicted HSBC's pre-tax profit to drop 11% to $5.3 billion for the quarter, Reuters reported.
Consulte Mais informação »
HSBC Misses Third-Quarter Profit ExpectationsWhile its Asian business 'held up well in a challenging environment,' performance in Europe was 'not acceptable,' Chief Executive Noel Quinn said
Consulte Mais informação »
HSBC flags challenging revenue outlook after missing third-quarter profit forecastsHSBC Holdings PLC on Monday flagged a softer revenue growth outlook and dropped ...
Consulte Mais informação »
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.
Consulte Mais informação »
HSBC to 'remodel' after profits plunge 18%HSBC cited 'challenging market conditions' and 'ongoing economic uncertainty' for a slump in its European and American business units.
Consulte Mais informação »