HSBC in red in Q4 as authorities probe Asian recruitment
Banking major HSBC posted worse-than-expected profits yesterday, braced investors for a 'bumpier ride' and admitted it was being investigated by US authorities about its hiring of 'princelings' '“ young relations of Chinese politicians.
Europe’s largest bank saw annual pre-tax profits edge up 1 per cent to $18.9 billion (£13.2bn), but fell short of consensus analyst expectations of $21.8bn.
HSBC unveiled a fourth quarter loss of $858 million (£604 million), pointing at “seismic shifts” in the global economy, including the slump in oil prices, the Chinese slowdown and low interest rates in developed economies.
Advertisement
Hide AdAdvertisement
Hide Ad