Firing A Bunch Of People, Not Paying Billions In Fines Works Out Well For HSBC
Layoffs - money laundering legal fees = profit!
Great work everyone.
Pre-tax profit at Europe's biggest lender jumped 32% from a year ago in the third quarter, beating analysts' expectations. Its profit was $6.1bn (£3.9bn), up from $4.6bn in the same period a year earlier and above forecasts of $5.2bn. The bank announced thousands of job cuts in June, along with asset sales, as part of cost-cutting measures to improve returns to shareholders. "The fines going away, lower costs - that's the banking story of the moment," Peter Hahn from Cass Business School told BBC News.
