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HSBC profits rise 10% to $14.1bn
by Rachael Revesz on Aug 05, 2013 at 10:35
HSBC has posted a profit before tax of $14.1 billion (£9.2 billion) for the first six months of 2013, an increase of 10% from 2012.
Over the last year the bank has undergone a major restructuring and cost cutting exercise, cutting 2,217 jobs and disposing of 11 businesses.
In April, it scrapped its tied advice service cutting 650 advisers, as well as hundreds of relationship managers who did not give advice.
The group chief executive Stuart Gulliver (pictured) said: ‘The steps we have taken to reshape HSBC have released around $80 billion in risk-weighted assets to date, with a further potential release of around $15 billion to come.’
Gulliver said the global economic environment continued to be challenging but that the bank had thrived despite difficult conditions.
'Economic growth remained muted and regulatory changes continued to impact available returns but, by focusing on the markets and business areas where we have comparative strength and competitive advantage, we have successfully progressed the repositioning of the business to accommodate these factors,’ he said.
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