HSBC Results: The Grim Reality Of BanksRupert Hargreaves
HSBC, one of the world’s largest banks, and a key finance conduit between China, Hong Kong, and the West, reported its fourth-quarter results today, which made for dismal reading.
The bank reported a loss before tax of $3.4 billion in the quarter, $6.2 billion worse than consensus. Underlying profit before tax of $2.6 billion came in $0.9 billion below expectations. The top line missed expectations as well. Revenue was $11 billion for the period, 11% below analyst targets.
- HSBC . . .
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