Don't miss

Replay


LATEST SHOWS

ENCORE!

The highs and lows of Cannes for the critics

Read more

EYE ON AFRICA

Remembering our friend and colleague Jean Karim Fall

Read more

MEDIAWATCH

Bad diplomacy, brawls & bromance

Read more

ENCORE!

Cannes 2017: Pitch Perfect's Brittany Snow becomes an urban warrior

Read more

THE WORLD THIS WEEK

US President wraps up world tour in Italy (Part 1)

Read more

THE WORLD THIS WEEK

US President wraps up world tour in Italy (Part 2)

Read more

FOCUS

The battle against illegal fishing in West Africa

Read more

DOWN TO EARTH

Trump has already quit the Paris climate deal - just not publicly

Read more

#TECH 24

The Ice Memory Project: A treasure trove for future scientists

Read more

Business

HSBC profits slump 70% as more layoffs announced

Latest update : 2009-03-02

Hard hit by the global financial crisis, Europe's biggest bank, HSBC, has announced a 70% fall in its annual net profits. It also announced a £12.5 billion rights issue, the biggest ever in the UK, as well as 6,100 layoffs in the United States.

AFP - HSBC, Europe's biggest bank, reported Monday a 70 percent slump in annual net profits as bad debts surged to almost 25 billion dollars (20 billion euros), causing it to launch a record British rights issue.

The British banking group said it planned to raise 12.5 billion pounds (17.8 billion dollars, 14.2 billion euros) and would axe 6,100 jobs in the United States by shutting most of its HFC and Beneficial branches.

HSBC said net profits tumbled to 5.728 billion dollars in 2008 compared to 19.133 billion dollars in 2007 as the global financial crisis took its toll.

"In this difficult environment, we missed our profitability targets," HSBC chairman Stephen Green said in the group's earnings statement.

"The coming twelve months will be difficult. We expect parts of Asia, the Middle East and Latin America to continue to outperform Western economies, but to be constrained by the global downturn."

Date created : 2009-03-02

COMMENT(S)