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
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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.