• 827 days Will The ECB Continue To Hike Rates?
  • 827 days Forbes: Aramco Remains Largest Company In The Middle East
  • 829 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,228 days Could Crypto Overtake Traditional Investment?
  • 1,233 days Americans Still Quitting Jobs At Record Pace
  • 1,235 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,238 days Is The Dollar Too Strong?
  • 1,238 days Big Tech Disappoints Investors on Earnings Calls
  • 1,239 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,241 days China Is Quietly Trying To Distance Itself From Russia
  • 1,241 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,245 days Crypto Investors Won Big In 2021
  • 1,246 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,246 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,249 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,249 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,252 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,253 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,253 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,255 days Are NFTs About To Take Over Gaming?
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

  1. Home
  2. Markets
  3. Other

Europe's Largest Bank, HSBC, Posts Surprise $858 Million Loss: Analysts Expected Profit of $1.95 Billion

Negative earnings "surprises" are like the Energizer Bunny. They run on, and on, and on. Yet, somehow economists and analysis are surprised by the obvious. Here is a prime case in point: HSBC Posts Surprise Fourth-Quarter Pretax Loss of $858 Million.

HSBC Holdings Plc, Europe's largest bank, reported a surprise fourth-quarter pretax loss of $858 million.

The loss, announced by the London-based bank in a Hong Kong exchange statement on Monday, compared with the $1.95 billion profit forecast by the average of five analysts in a Bloomberg survey. Operating costs in the period amounted to $11.5 billion.

HSBC Chief Executive Officer Stuart Gulliver, 56, has been accelerating plans to scale back the lender's vast global footprint, seeking to boost profitability and reverse a share slump this year. In June, the CEO unveiled a new strategy to boost investment in Asia, exit unprofitable countries and cut as many as 25,000 jobs to help save as much as $5 billion by the end of 2017.


HSBC Weekly Chart

HSBC Weekly Chart Chart

Fancy that. It seems the stock market expected this surprise was coming long ago.

The market is expecting lots more banking surprises. Here is one of them.


Deutsche Bank Weekly

Deutsche Bank Weekly Chart

Expect more surprise so you won't be surprised when the analysts are.

 

Back to homepage

Leave a comment

Leave a comment