HSBC reports net profit fall of 82 percentBy Charlene Sutton Feb 22, 2017
Europe's biggest bank dropped 6.5 percent and was headed for its biggest one-day fall in 8 years after its results fell far short of analysts' estimates as it took hefty writedowns from its restructuring.
HSBC has been among the best-performing European banks since Britain voted last June to leave the European Union, climbing more than 50 percent against a 28 percent increase in the European banking index as the bank benefited from appreciation of the US dollar and stronger capital levels.
Chief executive officer Stuart Gulliver said: "What this doesn't mean is that we are selling the private bank.it means we have restructured the private bank and that's now behind us".
Europe's largest lender said that net profits for 2016 slipped to £2 billion, down from £10.8bn the year before.
He said the company's growth was threatened by Brexit negotiations as well as Donald Trump's USA presidency.
HSBC's adjusted pretax profit for the fourth quarter of 2016, which excludes one-time items, stood at $2.62 billion, a 39-per cent jump from the previous year's quarter, the bank said in a statement today.
But the subsequent emergence of major compliance failures at HSBC's Swiss banking operations went on to eat into the bank's bottom line and hurt its reputation, leading HSBC to radically transform this business.
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In January past year, HSBC said it was looking to launch an investment advice arm that would cater for individuals with less than £50,000 to invest, adding to the retirement advice service it launched in 2015.
Earlier this year the bank revealed that it would be shutting ANOTHER 62 branches on high streets across the country as it tries to get more customers to switch to online banking.
HSBC said its restructuring is largely complete.
The London based bank also lists a substantial number of ongoing regulatory and tax-related investigations around the world including in the U.S., France, Belgium, Argentina and India, which are conducting investigations and reviews of HSBC Private Bank (Suisse) SA ('HSBC Swiss Private Bank') and other HSBC companies in connection with allegations of tax evasion or tax fraud, money laundering and unlawful cross-border banking solicitation.
HSBC also pointed out it managed to increase market share in Hong Kong and Singapore. Adjusted pretax profit from the global banking and markets division, which houses the investment bank, nearly doubled to $1.3bn. The Geneva unit was at the center of the so-called Swiss Leaks scandal in 2015, which showed the bank's Swiss unit harbored the cash of tax dodgers, drug cartels and arms dealers.
He said the bank would need to relocate staff from London to Paris in the next two years a result of Brexit.
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