HSBC Posts Sharp Fall In Profits
HSBC (HSBC) said on Monday that escalating tensions between China and the West are creating “challenging situations” for its business after the global bank reported a 65% plunge in profits in the first half of 2020 due to the coronavirus pandemic.
The London-based lender, which makes most of its money in Asia, said Monday that pre-tax profit in the first six months of the year fell 65% to $4.3 billion compared to the same time last year, as revenue fell, the coronavirus crisis hit and credit losses were worse than expected.
CEO Noel Quinn said US-China tensions had so far not had a material impact on earnings but he acknowledged that “current tensions between China and the US inevitably create challenging situations for an organization with HSBC’s footprint.”
