Business

HSBC curbs profit and payout ambitions, targets Asia wealth

HONG KONG/LONDON (Reuters) – HSBC Holdings PLC on Tuesday abandoned its long-term profitability target, and unveiled a revised strategy focused mainly on wealth management in Asia after the COVID-19 shock saw its annual profits drop sharply.FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, […]

Business

HSBC lowers ambitions on dividends, returns after pandemic-induced annual profit fall

HONG KONG/LONDON (Reuters) – HSBC Holdings PLC on Tuesday abandoned its long-term profitability target, and unveiled a revised strategy focused mainly on wealth management in Asia after the COVID-19 shock saw its annual profits drop sharply.FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, […]