HSBC's profit sinks 80% on $3-bn charge at China bank
Financial Express Mumbai|February 22, 2024
HSBC HOLDINGS PLC reported fourth-quarter profit fell 80% after taking unexpected charges on holdings in a Chinese bank and from selling its French retail operations. Shares slid in London.
HARRY WILSON AMBEREEN CHOUDHURY
HSBC's profit sinks 80% on $3-bn charge at China bank

Pretax profit fell to $1 billion in the final three months of last year from $5.05 billion in the year-earlier period, the London-headquartered bank said in a statement. The lender took a $3 billion charge on its holding in Bank of Communications Co.and $2 billion on its French sale.

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