plan to revitalise Europe’s largest bank

HSBC’s third-quarter earnings beat estimates, boosting CEO’s plan to revitalise Europe’s largest bank

Europe’s largest bank reported a profit of US$3.9 billion in the period compared with a profit of US$2.96 billion at the same stage last year.

On a pre-tax, adjusted basis, the bank, which is based in London but generates more than half of its revenue in Asia, said its profit was US$6.19 billion, ahead of an average estimate of 11 analysts surveyed by Bloomberg.

Looking for kids shoes? is a online platform for international brands of footwear. Find the most comfortable pair of shoes for your beloved little ones and follow every step of their growing journey!

“We are starting to unlock the revenue potential of HSBC”, Flint said on a conference call with analysts. “We’re doing what we said we would: increasing revenue from areas of strength, improving returns and investing in the business while keeping a tight hold on costs”.

HSBC’s shares closed up about 5 per cent at HK$63.55 in Hong Kong on Monday and were up nearly 5 per cent in early trading in London.

Wall Street banks, including Jp Morgan, Goldman Sachs and Morgan Stanley, and European rivals UBS and Barclays reported double-digit gains in profits in the third quarter as investment banking revenue rose higher and the American banks benefited from corporate tax cuts in the United States.

Deutsche Bank, which is in the midst of its own turnaround efforts, was one of the few laggards among the big banks that have reported so far. The bank’s profit dropped by 65 per cent in the three months ended in September.

: personal instalment loan service allows you to enjoy liquidity with a low interest rate and $0 handling fee. Make your personal goals more reachable with extra cash on hands!

Flint took the reins at HSBC in February, replacing long-time CEO Stuart Gulliver. Flint, who has spent his entire career at the bank, has been tasked with trying to increase its profitability and growth.

The lender, which once dubbed itself “the world’s local bank”, has pivoted to Asia after years spent paring back its operations following the global financial crisis.

Last week, HSBC said that it would offer unsecured personal loans via a new digital platform in the US, a market where it has remained a smaller player for consumer lending.

The size of its US consumer lending business has reflected the legacy of its 2002 deal for the American finance company Household International. HSBC closed the business seven years later as it was hit by the collapse of the US subprime loan market.

In recent years, HSBC also has been trying to overcome reputational damage suffered for a variety of accusations by regulators of misconduct by the bank ahead of the financial crisis.

Last year, HSBC emerged from a long-running deferred prosecution agreement with US authorities. It agreed to pay US$1.9 billion in 2012 to resolve accusations that it had facilitated transactions by Mexican drug lords and others facing US sanctions.

The results announcement came just over a year after Mark Tucker joined HSBC as its first outsider chairman from the Asian life insurer AIA Group.

It also came after the release last month of a leaked memo purportedly written by unnamed HSBC executives that called out its investment banking division, saying there was an “utter failure of leadership ” in the business.

相關文章：

Thirty years later

10 Versatile Kids Shoes for Summer Camp

Aerobotics vat voor in gewasmonitering

plae Bistro celebrates its 10th anniversary

DBS simplifies loan and credit card applications in Hong Kong