Uk News HSBC commits to Canary Wharf but pivots to Asia as profits plunge by more than a third United Kingdom news

PremierLeague-News.Com - Last month, the bank announced it would close 82 branches across the UK after the pandemic led to a greater shift to online banking

Uk News HSBC commits to Canary Wharf but pivots to Asia as profits plunge by more than a third United Kingdom news

PremierLeague-News.Com - Last month, the bank announced it would close 82 branches across the UK after the pandemic led to a greater shift to online banking

Uk News  HSBC commits to Canary Wharf but pivots to Asia as profits plunge by more than a third United Kingdom news
23 February 2021 - 17:00

PremierLeague-News.Com - Breaking Sport Transfer News ! HSBC will redouble its efforts in Asia after the UK’s biggest bank recorded a 34 per cent drop in profit for 2020.The FTSE 100 company outlined plans to invest $6bn (£4.3bn) in Asia with chief executive Noel Quinn suggesting he would move some senior executives, who report directly to him, from London and elsewhere to China, Singapore and Hong Kong, where the bank already makes the bulk of its profitsHSBC said it would keep its 45-floor headquarters in London’s Canary Wharf but would let go of other offices in the capital.The i newsletter latest news and analysisEmail address is invalidThank you for subscribing!Sorry, there was a problem with your subscription.“HSBC is finally singing the song that investors want to hear – a clear focus on Asia where growth opportunities are plentiful,” said Russ Mould, a director at investment platform AJ Bell.Although annual profits slumped by slightly more than one third to £6.2bn, they are marginally better than analysts expected and the bank said in its annual results that it will resume paying a dividend of £0.11 per share despite the fall in profits. It is the first announced payout since October 2019.

News source = PremierLeague-News.Com

. The effects of the pandemic may have been painful, but there was never a threat to the bank’s financial stability despite the duress.”Mr Quinn said in a statement that the bank had a “solid financial performance in the context of the pandemic – particularly in Asia”. He said the region lays “firm foundations for our future growth”.He added: “Our people delivered an exceptional level of support for our customers in very tough circumstances, while our strong balance sheet and liquidity gave reassurance to those who rely on us.”Last month the bank announced it would close 82 branches across the UK after the pandemic led to a greater shift to online banking, while in February last year the bank announced plans to axe 35,000 jobs and cut cost by $4.5bn (£3.4bn) by 2022.

Source = PremierLeague-News.Com

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