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HSBC Announces 2016 Results
HSBC announced a 62% drop in pre-tax profits for 2016 due to one time charges and uncertainties caused by significant and largely unexpected economic and political events. Profits before tax in 2015 was $18.87 billion and has declined to $7.1 billion.
HSBC now makes most of its money outside UK, with Asia attributing for the majority of its global pre tax profits.
News Source: BBC
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About HSBC
The Hong Kong and Shanghai Banking Corporation Limited (NYSE:HSBC) was established in 1865 to finance the growing trade between Europe, India and China. HSBC was born from one simple idea – a local bank serving international needs. Today, it covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America with around 4400 offices in both established and emerging markets, serving around 46 million customers through the Four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking.
- Origin : London, UK
- Assets : Euro 21.67 billion
- Revenue : Euro 721.3 million
- Employees : 266,000
Official Website: www.hsbc.com
News & Media: Press Release
Updated on 8th August 2016
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