HSBC revenue drops to £9.2bn
Daily Express|October 28, 2020
ONE of banking’s biggest lenders has warned that record-low interest rates around the world could challenge the sector long term, as it sets out to rethink its strategy.
August Graham

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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