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HSBC (HBC) gains 2.1% premarket as its cost-cutting regime pays off, with core earnings up...

HSBC (HBC) gains 2.1% premarket as its cost-cutting regime pays off, with core earnings up 34% (to $7.6B) from a year ago. $4B in costs has been eliminated since 2011, and the bank believes there's another $1B to go. The offloading of employees and businesses has boosted the capital ratio as well - it rose to 12.7% this quarter, safely above the 9.5% it needs under Basel III.
Comments (1)
  • hkgknipp
    , contributor
    Comments (10) | Send Message
     
    Happy to hear this. I still believe that HSBC is a must bank holding in the global economy.
    7 May 2013, 08:21 AM Reply Like
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