HONG KONG (BLOOMBERG) - HSBC Holdings plunged in Hong Kong trading on Wednesday (April 1) after scrapping its dividend and warning revenue and loan losses will be impacted in the first quarter from the coronavirus outbreak that has halted economic activity across large parts of the globe.. Read more at straitstimes.com.
HONG KONG - HSBC Holdings plunged in Hong Kong trading on Wednesday after scrapping its dividend and warning revenue and loan losses will be impacted in the first quarter from the coronavirus outbreak that has halted economic activity across large parts of the globe.
Along with other UK banks, HSBC decided to scrap dividend payments after urging from UK regulators. The lender said it would cancel an interim dividend slated to be paid this month and also make no payouts or do any buybacks until at least the end of the year. The UK's five biggest banks had planned to pay out £7.5 billion in dividends over the next two months. Barclays was due to pay more than £1 billion on Friday.
Banks are under pressure globally from volatile markets and slumping growth, but have also been at the front-end of massive support from central banks and regulators, including relief on some capital buffers and more time to tackle soured loans.
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