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HSBC falls 2.0% after CEO ousted

Aug. 05, 2019 7:28 AM ETHSBC Holdings plc (HSBC) StockHSBCBy: Liz Kiesche, SA News Editor5 Comments
  • HSBC (NYSE:HSBC) ADRs falls 2.0% in premarket trading in the U.S. and HSBC Holdings slips 1.7% in London trading after its CEO, John Flint, is unexpectedly ousted from the company only 18 months on the job.
  • In addition, the bank plans to cut thousands of jobs and slow investment spending, the Wall Street Journal reports, citing an interview with Finance Director Ewen Stevenson.
  • Severance costs would be $650M-$700M this year.
  • Plans to start a share buyback of up to $1B soon.
  • HSBC's H1 profit before tax rose 16% to $12.4B, including $828M gain recognized on the merger of its associate The Saudi British Bank with Alawwal bank in Saudi Arabia, a provision of $615M for mis-selling of payment protection, and $248M of severence costs.
  • H1 adjusted profit before tax rose 6.8% to $12.5B.
  • H1 net interest margin 1.61% vs. 1.66% in H1 2018.
  • Continues to target return on tangible equity over 11% in 2020.
  • Previously: HSBC Holdings reports 1H results (Aug. 5)

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