HSBC Holdings Plc Chairman Mark Tucker promised a strategy reboot. Investors got what some called more of the same — pledges to cut costs and do more with less. The shares plunged by the most since 2017 after buybacks were shelved for two years and the executives themselves said more bad news was still to […]
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HSBC Says Virus Outbreak May Expand Loan Losses, Lower Revenue
HSBC Holdings Plc said the full impact of the coronavirus outbreak hasn’t fully been accounted for in its report, signaling it may need to raise its expected loan losses further. The lender said on Tuesday its expected loan losses sank to $733 million in the last three months of 2019, sliding to 0.28% of gross […]
HSBC Traders Accused of Profiting From Confidential FX Bets
Three HSBC Holdings Plc traders were accused of profiting from confidential information on a currency bet as a U.K. lawsuit refocused attention on a front-running scandal at the bank’s foreign exchange desk. The traders, two of whom are only identified by acronyms, took positions in the bank’s proprietary accounts “in parallel to” rigged FX hedges, […]