HSBC 2019 profit falls 33%, misses estimates

HSBC Holdings PLC on Tuesday posted a fall of 33% in annual profit, lagging analyst estimates, mainly due to a goodwill impairment of $7.3 billion related to its investment banking and commercial banking businesses in Europe.

LONDON: HSBC Holdings Plc is taking about $7.3 billion of charges and exiting several business units in its most ambitious restructuring plan since the global financial crisis.

The London-headquartered bank is targeting cost cuts by $4.5 billion as it takes on a refreshed strategy to boost returns. The bank, which earns the bulk of its profits in Asia, is still searching for a permanent chief executive officer while interim boss Noel Quinn runs the lender.