What can one say about HSBC’s first half-year recent results. Nothing too much apart from: “Oh dear, poor HSBC. What a mess!”
Well, just take a look:
- 35,000 employees to be axed
- Profits fallen by 65% to USD $4.3bn
- Bad loan provisioning up to USD $13bn; (GBP £9.8bn)
- Flat interest rates squeezing profit margins on loans, when the bank has already provided in excess of 700,000 payment holidays on loans, credit cards, and mortgages
- A complete slump in retail and commercial banking globally, which is in part due to individual geographical “lock-downs” and Covid-19, and the latter’s resurgence in a number of countries