Economics
HSBC Costs Drop Faster Than Revenue as Domicile Call Postponed
- Third-quarter operating costs drop 19%, beating estimates
- Bank won't accomplish `positive jaws' in 2015, Mackay says
HSBC Credits Profit to Cost Cuts and Fewer Fines
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HSBC Holdings Plc, Europe’s largest lender, offset a drop in third-quarter revenue with lower costs and litigation charges, while saying it needs more time to determine whether to move its headquarters from London.
Operating costs fell 19 percent to $9 billion from a year earlier, London-based HSBC said in a statement on Monday. That beat the $9.4 billion estimate of 14 analysts in a company-compiled survey. Revenue slipped 4.4 percent to $15.1 billion, while pretax profit rose to $6.1 billion from $4.6 billion a year earlier.