Home » HSBC ramps up pivot to Asia as pandemic sees profits plunge 30%

HSBC ramps up pivot to Asia as pandemic sees profits plunge 30%

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By Jerome Taylor

HSBC on Tuesday vowed to accelerate its Asia pivot despite spiralling tensions between China and the West after it reported a 30 percent plunge in profits for 2020 caused by the coronavirus pandemic. 

Reported profit after tax came in at US$6.1 billion, which the bank blamed primarily on higher-than-expected credit losses and other bad debts. 

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