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  • HSBC is betting on a new strategy after its earnings took a tumble.

  • Europe's biggest bank said Tuesday that profits fell by just over a third last year.

  • They dropped to 8.78 billion in 2020 as the global health crisis took a toll.

  • That was down from over $13 billion the year before.

  • The lender cited low interest rates and tough market conditions and cut its target for return on equity.

  • HSBC now plans big cuts in back office functions such as technology.

  • It didn't put a number on any job cuts, which would come after it shed 11,000 posts last year.

  • Now the bank is betting on rich Asians to turn things around.

  • It's pumping investment into wealth management in greater China and the wider region.

  • Underperforming units in Europe and North America may be sold off.

  • HSBC confirmed it's in talks over a sale of its French retail banking arm on DIT says it's exploring options over its US retail franchise.

HSBC is betting on a new strategy after its earnings took a tumble.

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B1 tumble betting retail wealth bank europe

HSBC bets on Asian wealth as profits tumble

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    林宜悉 posted on 2021/02/25
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