HSBC’s second-quarter profits fell 29 per cent, missing forecasts, as Europe’s largest bank took a charge on its stake in a Chinese lender and racked up costs axing staff.
Operating expenses, which include severance costs linked to chief executive Georges Elhedery’s sweeping restructuring, climbed 10 per cent to $8.9bn in the quarter, HSBC said on Wednesday.
The UK-based lender, which generates the bulk of its profits in Asia, also recorded a $2.1bn impairment on its stake in China’s Bank of Communications. Overall, pre-tax profits were $6.3bn, falling short of the $6.99bn forecast by analysts.
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