Coronavirus Latest News

HSBC boss hits back at calls for breakup of business from investor

Noel Quinn says such a move would come with ‘material costs’ and ‘high risk of failure’

HSBC’s chief executive has hit back at calls for a breakup from the top shareholder Ping An, saying splitting the business would come with “material costs” and a “high risk of failure” that could harm investors long-term.

It came as the bank reported flat pre-tax profits of $5bn (£4.1bn) for the second quarter, as income from mortgages and loans was offset by the amount it had to put aside for potential defaults linked to weaker economic forecasts.

Continue reading…

Read the original article at The Guardian

Related Articles

Back to top button