HSBC cited 'challenging market conditions' and 'ongoing economic uncertainty' for a slump in its European and American business units.
Hong Kong HSBC's global business took a beating last quarter, and the London-based bank is warning of more pain ahead.
HSBC 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 said in an earnings report on Monday. Revenue fell 3% to $13.4 billion. The bank cited"challenging market conditions" and"ongoing economic uncertainty" for a slump in its European and American business units."Our previous plans are no longer sufficient to improve performance for these businesses," HSBC said Monday.
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Europe's largest lender HSBC says pre-tax profits dropped 18% year over yearOn an adjusted basis, HSBC said its pre-tax profit fell 12% to $5.3 billion. Analysts predicted HSBC's pre-tax profit to drop 11% to $5.3 billion for the quarter, Reuters reported.
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