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HSBC Reboot Fizzles, Sending Stockholders Looking for Exits

  • Lender’s shares post largest decline in more than a decade
  • Analysts say board is demanding an ‘enormous’ amount of trust
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WATCH: HSBC CFO Ewen Stevenson says cost cuts will help the bank.(Source: Bloomberg)
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HSBC Holdings Plc Chairman Mark Tucker promised a strategy reboot. Investors got what some called more of the same -- pledges to cut costs and do more with less.

The shares plunged by the most since 2009 after buybacks were shelved for two years and the executives themselves said more bad news was still to come -- once they assess the economic damage wrought by the novel coronavirus.