HSBC profit drops to $13.3 billion

HONG KONG: HSBC on Tuesday announced further costcutting and restructuring pains after profits slid by a third last year and as its interimchiefwarned the global banking giant was still "not delivering acceptable returns". The Asia-focused lender has been trying to lower costs as it faces amultitude 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. While its Asia business has done well in recent years -- fuelled primarily by China -- its businesses in Europe and the United States have disappointed.—AFP