Reuters
- HSBC reported that profits dropped more than two-thirds in the second quarter of 2020 as the bank faced coronavirus-driven challenges in the market.
- The British bank reported profit before tax of $1.1 billion, 67% lower than the $3.2 billion it made in the first quarter of 2020.
- The bank said it is accelerating its transformation programme it announced in February, including job cuts and merging its retail, wealth and private banking businesses.
- Shares in HSBC slipped on the earnings, falling 4% in European morning trade.
- Visit Business Insider's homepage for more stories.
HSBC reported a plunge in profits-before-tax of 67% in the second quarter of 2020 as COVID-19 and a period of geopolitical risk weighed on the lender.
The British bank reported profit before tax of $1.1 billion, 67% lower than the $3.2 billion it made in the first quarter of 2020.
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