Reported about 19 hours ago
HSBC's pre-tax profits fell 14% in the third quarter, totaling $7.29 billion, as the bank allocated a $1.1 billion provision for a lawsuit related to Bernard Madoff's Ponzi scheme. Despite this decline, revenue increased by 5% to $17.79 billion, surpassing expectations. The group CEO expressed confidence in the bank's strategy and growth prospects, indicating a focus on becoming a simpler and more agile institution.
Source: YAHOO