Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Auschwitz, 70 years on

Read more

EYE ON AFRICA

Former LRA commander appears before ICC

Read more

WEB NEWS

'Snowmageddon 2015': Web users brace for massive snow storm

Read more

THE INTERVIEW

In Nazi death camps, 'I asked myself where God was all the time'

Read more

MEDIAWATCH

Far-left and far-right celebrate Syriza's victory

Read more

FOCUS

Auschwitz, the symbol of industrial-scale extermination

Read more

ENCORE!

The voices of Auschwitz in music, film and literature

Read more

THE BUSINESS INTERVIEW

Sir Martin Sorrell: Brexit referendum would be ‘very damaging for UK economy’

Read more

WEB NEWS

Facebook cracks down on viral hoaxes

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)