HSBC profits up 15pc on Asia growth
HSBC just missed analysts’ expectations with a near $22bn (£13bn) profit last year, which marked the biggest profit among western banks thanks to its strength in Asia and other emerging markets.
Profits at its investment bank were down 24 percent on 2010 at $7 billion, hurt as the euro zone debt crisis slowed capital markets activity in the second half of last year.
Chief executive Stuart Gulliver is reshaping HSBC to cut annual costs by $3.5bn, lift profitability and sharpen its focus on Asia, and said he will step up the execution of his plan this year.
HSBC profits up 15pc on Asia growth
HSBC just missed analysts’ expectations with a near $22bn (£13bn) profit last year, which marked the biggest profit among western banks thanks to its strength in Asia and other emerging markets.
Profits at its investment bank were down 24 percent on 2010 at $7 billion, hurt as the euro zone debt crisis slowed capital markets activity in the second half of last year.
Chief executive Stuart Gulliver is reshaping HSBC to cut annual costs by $3.5bn, lift profitability and sharpen its focus on Asia, and said he will step up the execution of his plan this year.