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HSBC sees annual profit slump by 33%

British multinational banking and financial services holding company HSBC logo is seen in Hong Kong.Image copyright
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HSBC has said its profits for 2019 fell by 33%, mainly due to its investment and commercial banking operations in Europe.

The bank, which makes the bulk of its revenue in Asia, reported annual profit before tax of $13.35bn (£10.3bn).

The results come as an announcement on strategy is being made by interim chief executive Noel Quinn.

HSBC currently operates in more than 50 countries across North America, Europe, the Middle East and Asia.

In October, Mr Quinn flagged plans to cut back the company’s less profitable operations in mainland Europe and the US.

HSBC’s global banking and markets division, which includes its investment bank, has done less well than its commercial and retail banking businesses.

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By Laura Price

Laura is the senior writer and Smartphones section editor responsible for managing software updates and smartphones section. She is very passionate about Gadgets & Technology and always looking around to use them in an innovative way in daily life. She reviews Gadgets & Applications to tell users about their optimum use to get the most out of in which they’ve put their time and hard earned money.
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