HSBC warns of costly restructuring after sharp fall in profit
Earnings update is widely seen by shareholders as a report card on interim CEO Noel Quinn
28 October 2019 - 18:04
Hong Kong/London — HSBC dropped its 2020 profit target, reported a sharp fall in earnings and warned of a costly restructuring, as interim CEO Noel Quinn seeks to tackle its problems head-on in his bid for the full-time role.
Quinn branded the lender’s sluggish performance in Europe and the US as “not acceptable” but said investors may have to wait until early 2020 to hear his full plans to “remodel” Europe’s biggest bank by assets...
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