Banking
HSBC’s profit sinks on $3 billion charge at Chinese Bank
The London headquartered bank reported pre-tax profit of $30.3 billion due to high interest rates, but has faced headwinds over the past 12 months in China
HSBC reported that its fourth-quarter profit fell 80 per cent after taking unexpected charges on holdings in a Chinese bank and from selling its French retail operations.
Pretax profit fell to $1 billion in the final three months of last year from $5.05 billion in the year-earlier period, the London-headquartered bank said in a statement. The lender took a $3 billion charge on its holding in Bank of Communications and $2 billion on its French ...
