The London-headquartered lender, which makes most of its money in Asia, said pre-tax profits slid to just £824m in the three months to June 30, down from £4.7billion over the same period last year. This was much worse than the £1.9billion expected by analysts, and caused shares to slump 2.9 per cent, or 9.95p, to 332.25p - their lowest level since March 2009 during the depths of the last financial crisis. HSBC boss Noel Quinn said he was planning to ‘accelerate’ his shake-up of the bank in a cost-cutting drive which was already set to see 35,000 jobs axed globally by 2022. The brutal restructuring was initially put on hold during the pandemic, but chief financial officer Ewen Stevenson confirmed that 3,800 jobs had been cut since the beginning of the year
HSBC profits sink by 82% as loans sour: Shares plunge to lowest levels since 2009 crisis
