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HSBC Falls as Earnings Miss in Last Results Under Gulliver

  • Loan losses, trading declines weigh on fourth-quarter numbers
  • CEO is handing the reins to John Flint after 7 years in role
Updated on

Stuart Gulliver’s final set of results at HSBC Holdings Plc weren’t quite the swansong he’d hoped for as he hands the reins over to his long-term lieutenant, John Flint.

Europe’s largest bank missed estimates for fourth-quarter revenue and profit as it became the latest firm to take losses from two high-profile corporate failures and post a sharp decline in trading income at its investment bank. HSBC also said share buybacks were on hold, possibly through the first half, while it sells capital-boosting securities.