HSBC 2019 pre-tax profits drop by a third to $13.3 billionHSBC has been trying to lower costs as it faces a multitude of uncertainties caused by the grinding US-China trade war, Britain's departure from the European Union and now the deadly new coronavirus in China. On Tuesday, HSBC said a 33% drop in annual profits last year compared to the $19.89 billion it made in 2018 was largely down to a $7.3 billion one time write-off related to its investment and commercial banking businesses in Europe. It also reported a loss before tax of $3.9 billion in the fourth quarter of 2019. Overall, the bank said it hoped to achieve a reduced adjusted cost base of $31 billion or below in 2022. Even in Hong Kong, which was battered by months of seething pro-democracy protests last year, the banking giant posted a five% increase in adjusted pre-tax profits to $12.1 billion.

Source: Bangkok Post February 18, 2020 06:00 UTC