Although most of the bank’s funds are in Asia, the bank’s headquarters are still located in London. The bank told investors on Tuesday that it plans to “increase” its investment in the region by about $6 billion. It also transferred more resources there, including relocating some key personnel.
HSBC announced that its pre-tax profit fell to US$8.8 billion last year, a 34% decline compared with the previous year. This is a continuing focus on Asia. At the same time, revenue fell 10% to $50.4 billion.
Nevertheless, this is still better than analysts expected. The bank said on Tuesday that its goal is to “restore dividends as soon as possible,” starting at 15 cents per share.
Tucker said in the statement: “This is a difficult decision, and we deeply regret the impact on shareholders.” He added that the board of directors “has adopted a policy aimed at providing sustainable dividends in the future.”
HSBC (HSBC) shares rose 2.2% in Hong Kong on Tuesday, before retreating.
However, the bank revealed in its performance report that it is in talks to sell its retail division in France.
“[We] It said that although no decision has been made, it is still negotiating on potential sales. If any sales are implemented, given the basic performance of the French retail business, sales losses are expected.
—This is a developing story and will be updated.