atans1

HSBC: Cut ang moh, Indian layabouts

In Banks, Hong Kong, India on 23/02/2016 at 7:06 am

People and assets.

HSBC’s so-so results prompts th=hs analysis. Results fr 2015 were flat after an expected US$1,9bn  4Q pre-tax profit turned into a loss of US$858m.

As at August 2015, Asia accounted for 69% of HSBC’spre-tax profits. And HK, China is where the money is minted.

Well these show that ang mohs and Indians: people and assets are lazing in the sun.

 

HSBC

Yes India is in Asia but look at the number of Indians employed, more than the Honkies. HK is the place that HSBC makes its money, not india but there are more Indians working for HSBC than Hongkong people.

Related post: StanChart’s very own Little India.

Update at 10.45 am: http://blogs.reuters.com/breakingviews/2016/02/22/hsbc-shares-weighed-down-by-fear-of-future/

Update at 4.30pm; From NYT Dealbook: HSBC’S FOURTH-QUARTER LOSSES HSBC, Britain’s largest bank by assets, posted a loss of $1.33 billion for the three months ending Dec. 31,Chad Bray reports in DealBook. It had posted a profit of $511 million in the fourth quarter of 2014. Before taxes, the bank posted a loss of $858 million.

The bank also revealed in its earnings statement that it was under investigation by the Securities and Exchange Commission over its hiring practices in Asia. Several banks are under scrutiny after the commission opened an inquiry into whether JPMorgan Chase hired the children of powerful officials to help win lucrative business contracts.

HSBC did not give any further details on the investigation.

Its results were weighed down by restructuring costs, provisions for legal and regulatory matters, loan impairment charges and provisions for credit risk.

The bank is in the process of reshaping its operations, shedding tens of thousands of jobs, selling underperforming businesses and shrinking its global investment banking business.

“China’s slower economic growth will undoubtedly contribute to abumpier financial environment, but it is still expected to be the largest contributor to global growth,” Douglas Flint, the HSBC chairman, said in a news release.

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  1. Wat to do?? Angmohs prefer ah nehs to cheenas.

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