HSBC profits halved by pandemic fallout
Shortpedia
Content Team
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HSBC’s first quarter profits have halved in the wake of coronavirus pandemic. Pre-tax profit for the first three months of this year stand at $3.2bn, down from $6.2bn a year ago. However, the bank has increased its expectations of bad loans, which are most unlikely to be paid back, to $3bn because of the fallout from Covid-19 and the oil price slump. HSBC would put plans to axe 35,000 jobs on hold to support staff.
