HSBC (HBC) gains 2.1% premarket as its cost-cutting regime pays off, with core earnings up 34%...

|About: HSBC Holdings PLC (HSBC)|By:, SA News Editor

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.