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One-off costs eat into HSBC's 2016 profits

Tuesday, February 21, 2017 - 01:00

HSBC Holdings reported a 62 percent slump in annual pre-tax profit that fell way short of analysts' estimates as the British bank took hefty writedowns from its restructuring. Joanna Webster reports.

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HSBC posting a slump in annual profits on Tuesday, falling well short of analysts' estimates. Pre-tax profits dropping 62 percent to 7-point-1 billion dollars in 2016. Europe's biggest bank by assets blaming one-off charges in its global private banking business in Europe - and the impact of the sale of operations in Brazil. CEO Stuart Gulliver also announcing a new 1 billion dollar share buy-back. In a statement, he said HSBC is investing over 2 billion in digital transformation initiatives, to improve customer service. Shares in HSBC have been among the best-performing European bank stocks since Britain voted in June to leave the European Union, thanks to appreciation of the U.S. dollar and stronger capital levels. The British bank, which could move 1,000 jobs to Paris following Brexit, says it's so far seen little impact from the referendum on its business.

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One-off costs eat into HSBC's 2016 profits

Tuesday, February 21, 2017 - 01:00