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, […]

Business

China's Ping An boosts stake in HSBC after historic share plunge

HONG KONG (BLOOMBERG) – China’s Ping An Insurance Group raised its stake in HSBC Holdings after the shares slumped to the lowest in a quarter of a century, giving support to the lender that’s facing mounting difficulties on several fronts. Ping An Asset Management, a unit of the insurer, revealed in an exchange filing that […]