The bank has implemented a cost-cutting drive
HSBC’s profits plummeted by nearly 50 per cent in the first nine months of this year – thanks to a loss in the sale of its Brazilian business.
The bank’s pre-tax profits came in at $10.6bn, down from $19.7bn last year. The news comes as the banking giant had to fork out $500m for compensation payments for customers in the UK, largely the result of payment protection insurance misselling.
But adjusted profit, which excluded one-off costs, beat analyst expectations rising seven per cent to $5.6bn
The bank has gone at a cost-cutting drive to battle its drop in earnings. It has cut over 1,300 jobs since December.
Chief executive Stuart Gulliver said: “Reported profits were down, but adjusted profits were higher than last year’s third quarter in all four global businesses and four out of five regions.”