HSBC’s global business took a beating last quarter, and the London-based bank is warning of more pain ahead as it undertakes a major restructuring that will likely entail more job cuts.
HSBC reports that it pulled in pre-tax profit of $4.8 billion for the three months ended in September, a drop of 18% compared to the same period last year.
The bank blamed “challenging market conditions” and “ongoing economic uncertainty” for a slump in its European and American business units, which it now plans to shrink.
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HSBC and other major banks face a growing list of negative headwinds, including falling interest rates, which make it harder to generate profit on loans and mortgages, and geopolitical uncertainty in top markets.
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