HSBC posts higher 3Q profit as Asian pivot pays off
HONG KONG (AP) — HSBC says profits rose in the third quarter as a sweeping corporate overhaul, aimed at winning more business in Asia pays off.
The London-based global bank said Monday that pretax profit rose to $4.6 billion in the July-September period, up from $843 million a year ago.
It reported net income of nearly $3 billion, swinging from a loss of $617 million the previous year.
Revenue climbed 38 percent to $13.2 billion.
HSBC is in the midst of carrying out a restructuring with the goal of increasing profitability. The plan includes shedding thousands of workers and shrinking its global footprint so it can focus even more on Asia's emerging markets.