• HSBC's profits plunge 45% as low interest rates and bad loans take their toll

    6 days ago - By Business Insider

    HSBC.
    Andrew Burton/Getty Images
    HSBC posted a 45% decline in profits to $12.1 billion in 2020. The bank earned $12.8 billion in Asia, but lost $4.2 billion in Europe. HSBC earned lower profits in three of its four divisions. Visit the Business section of Insider for more stories. HSBC posted a 14% slump in adjusted revenue last quarter, as rock-bottom interest rates weighed on its operations. Combined with a 60% surge in credit-impairment charges to $1.2 billion due to significant economic uncertainty in the UK, the result was a 50% plunge in adjusted pre-tax profits to $2.2 billion...
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  • UK unemployment rate hits 4-year high in final quarter of 2020 but data shows 'tentative' signs of stabilizing

    6 days ago - By Business Insider

    The UK economy suffered the worst slump in the G7 in 2020
    Toby Melville/Reuters
    The UK unemployment rate rose to 5.1% in the fourth quarter of 2020, the highest since 2016. Yet company payrolls rose in January, when the UK went into national lockdown, suggesting the jobs markets may be stabilizing. The UK suffered the worst slump out of the G7 in 2020 and has seen more than 120,000 deaths. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. The UK unemployment rate hit 5.1% in the final quarter of 2020, its highest since 2016, as tough coronavirus restrictions caused...
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