“We’re making positive progress in becoming a simple, more agile, focused organisation built on our core strengths,” Chief Executive Officer Georges Elhedery said in the statement. “In the first half, we continued to execute our strategy with discipline.”
HSBC Holdings Plc’s earnings for the second-quarter fell short of expectations after it posted an increase in expenses, and took a charge on its holdings in a Chinese bank.
The London-headquartered bank recorded a US$2.1 billion impairment linked to its stake in Bank of Communications Co, according to a statement. At the same time, the firm said expenses for the quarter jumped 10% to US$8.9 billion as the Asia-exposed lender pushes ahead with a broad restructuring of its operations.
