I am a breaking news reporter for Forbes in London, covering Europe and the U.S. Previously I was a news reporter for HuffPost UK, the Press Association and a night reporter at the Guardian. I studied Social Anthropology at the London School of Economics, where I was a writer and editor for one of the university’s global affairs magazines, the London Globalist. That led me to Goldsmiths, University of London, where I completed my M.A. in Journalism. Got a story? Get in touch at [email protected], or follow me on Twitter @bissieness. I look forward to hearing from you.
Pre-tax profits at HSBC, Europe’s biggest bank, tumbled 65% in the first half of the year, with the lender warning that credit losses could top $13 billion as the coronavirus pandemic and low interest rates battered the bank’s performance.KEY FACTS
The London-headquartered bank posted pre-tax profits of $4.3 billion in the first six months of the year, down two-thirds on the same period in 2019. It also increased its estimate of credit losses this year “based on a deterioration in economic forecasts”, warning it could take a hit of up to $13 billion, compared to an earlier estimate of up to $11 billion.CEO Noel Quinn said in a statement that the bank will now speed up restructuring plans announced in February—including cutting 35,000 jobs—that were paused in April to shield staff from the economic crisis.
“We are also looking at what additional actions we need to take in light of the new economic environment to make HSBC a stronger and more sustainable business,” Quinn added.HSBC is not the only bank to have taken a hit from bad loans as major industries—including aviation and leisure—came to a standstill amid the pandemic. U.S. lenders have also set aside billions as they anticipate a growing number of loans that will likely go bad as the crisis continues.
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