HSBC said its revenue had dropped by 11 per cent to $11.9billion (£9.2billion) in the third quarter of the year, compared with the same period in 2019.
The reduction came largely as a result of lower net interest income, as rates were slashed by central banks around the world.
Even before the Covid-19 crisis, the interest rates set by central banks had not recovered from the shock of the financial crisis more than a decade ago.
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October 28, 2020