Pedestrians walk past a branch of the British multinational banking and financial services holding company, The Hongkong and Shanghai Banking Corporation, or HSBC, in New York City. Alex Tai/SOPA Images/LightRocket/Getty Images HSBC reported an 11% drop in revenue and a 36% slide in pre-tax profits for the third quarter on Thursday.Europe's biggest bank also lowered its expected credit losses by almost $100 million to below $800 million, and will consider paying a "conservative dividend" to shareholders this year."I'm pleased with the significantly lower credit losses in the quarter, and we are moving at pace to adapt our business model to a protracted low interest rate environment," CEO Noel Quinn said in the earnings release.HSBC shares rose as much as 5%.Visit Business Insider's homepage for more stories.HSBC's posted lower revenue and profits in the third quarter as the coronavirus pandemic weighed on its operations.
Comment on HSBC shares jump 5% after Europe's biggest bank reports slimmer credit losses and signals it could pay a dividend this year
tmohamed@businessinsider.com (Theron Mohamed), Business Insider
Tue, 10/27/2020 - 1:22am
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