UK bank HSBC fell short of analyst expectations with a 16% rise in profits for 2018, and pointed to uncertainty around Brexit as a major contributing factor. The bank’s chief executive, Stuart Gulliver, said the results were “disappointing”, but that it was still on track to meet its targets set out by Mr Trump. In addition to Brexit, the bank highlighted difficulties arising from the US-China trade war, as well as uncertainty in terms of future interest rates.
UK bank HSBC fell short of analyst expectations with a 16% rise in profits for 2018, and pointed to uncertainty around Brexit as a major contributing factor. The bank saw pre-tax profits hit $19.9bn for the year, below analyst forecasts of $21.3bn, following declines in fixed income revenues and a challenging Q4. In addition to Brexit, the bank highlighted difficulties arising from the US-China trade war, as well as uncertainty in terms of future interest rates.