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HSBC Holdings Plc posted profit that missed analysts’ expectations, abandoned a key target for returns and flagged “significant” restructuring charges as it contends with a worsening global outlook.
Europe’s largest lender, reporting results for the first quarter since the ouster of former chief John Flint, said adjusted pretax profit fell 12 per cent to $5.3 billion. HSBC also walked away from a target for return on tangible equity of more than 11 per cent in 2020, even as it credited operations in Asia with holding up despite challenges in the region.
The stock slumped.
It all adds up to a bigger-than-expected challenge for
