HSBC steps up restructuring as ‘challenging’ global conditions hit profits
HSBC is to step up costly restructuring plans after it reported a bigger than expected fall in quarterly profits and said business had become "more challenging" in recent months.The banking giant's interim chief executive Noel Quinn said previous plans - which already involved axing thousands of jobs - were "no longer sufficient". HSBC has been facing a gloomier business outlook hit by the US-China trade war as well as unrest in its key Hong Kong market and Brexit uncertainty in the UK.Pre-tax profits fell 18% to $ 4.8bn (£3.7bn) for the three months to the end of September compared with the same period last year and were lower than the $ 5.3bn (£4.1bn) expected by analysts.Shares were 5% lower in morning trading in London. Advertis...
