HSBC provides upbeat interim statement

| November 5, 2010 | 0 Comments

Banking giant HSBC has today said third-quarter profits were well ahead of the same period a year ago with bad debts on the decline.

The bank did not provide exact figures in today’s statement but did caution that the global recovery was “taking longer than previous cycles”.

The bank, which is Europe’s largest, also expressed concern for the new regulation within the banking sector.

While it said it was confident it could achieve the new Basel III rules recently agreed, it expressed caution about the stricter regulation which is being introduced.

There was speculation recently that HSBC was considering moving its UK headquarters, in order to free itself from stricter regulations.

However, the bank denied it at the time.

The interim statement comes shortly after several boardroom changes were announced at the bank.

Chief executive, Michael Geoghegan, will be replaced by investment banking chief Stuart Gulliver.

Meanwhile, outgoing chairman Stephen Green (who is moving on to take up the post of trade minister with the Coalition Government), will be replaced by Douglas Flint, currently the bank’s finance director.

In addition, Sandy Flockhart will transfer from the role chief executive of HSBC’s Asian arm to chairing the UK-based HSBC Bank division.

In related news today, Royal Bank of Scotland, which is 84% owned by the taxpayer, announced it has plummeted back into the red with a £1.4 billion ($2.3 billion) pre-tax loss during the third quarter.

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