HONG KONG (AFP) – Pre-tax profit at banking giant HSBC leapt fivefold in the third quarter to US$4.6 billion (S$6.28 billion), the company said on Monday (Oct 30), as business booms in Asia and a huge restructuring drive bears fruit.
The massive jump in pre-tax profits came weeks after a new chief executive was unveiled as part of a management overhaul that has seen the London-based behemoth roar back from costly writedowns.
John Flint, head of retail banking and wealth management, will take up his position in February when current head Stuart Gulliver steps down, and has said he wants to “accelerate the pace of change”.
The Asia-focused firm has been on a recovery drive to streamline its business and slash costs since 2015,…
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