Lets start with hsbc, because europes biggest bank by assets has Just Announced its europes biggest bank by assets hasJust Announced its results for the third quarter. They show the bank had made a pre tax profit of 5. 1; billion in the period betweenjuly to september. Hsbc also announced a Share Buy Back of up to 2,000,000,000, despite having a big presence in europe, hsbc is to tap into the growth of chinas economy. Last year the bank generated just under 11,000,000,000 in pre tax profits. In its operations in china and hong kong which compensated for its losses elsewhere. The ceo, nohl quinn, says the bank is committed to investing 6,000,000,000 in asia, so what are the latest results tell us about the pivot of hsbc to china and develop an song cost cutting . Lets talk to the managing partner of a Capital Investment firm. What you make of the huge profits . How have they done . I you make of the huge profits . How have they done . You make of the huge profits . How have they done .
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You make of the huge profits? how have they done?- you make of the huge profits? how have they done? i think you are seeing how have they done? i think you are seeing the how have they done? i think you are seeing the bigger how have they done? i think you are seeing the bigger impact - how have they done? i think you are seeing the bigger impact of i are seeing the bigger impact of the row back from the coronavirus related reserves that hsbc took on in 2020. and with the improved economic outlook and with lockdown being lifted around the world, we are seeing the impact of rolling back those coronavirus alone reserves into profit and that is what is driving these increased numbers you are seeing today. increased numbers you are seeing today. last year hsbc said it was seeing today. last year hsbc said it was going seeing today. last year hsbc said it was going to - seeing today. last year hsbc said it was going to shed - said it was going to shed 35,000 jobs as part of plan
Few months? trading revenues in the last few months? ., few months? some trading has been a weak few months? some trading has been a weak spot few months? some trading has been a weak spot for few months? some trading has been a weak spot for hsbc- few months? some trading has been a weak spot for hsbc in i been a weak spot for hsbc in the last few quarters and relative to its peers ? peers who have knocked it out of the park when it comes to those areas, so you should continue to see increased revenue year on, year on an quarter growth in those areas and hsbc continue to make sure that businesses look at the pivot to asia and offer services to the banking clients. asia and offer services to the banking clients. thank you for “oininu banking clients. thank you for joining us banking clients. thank you for joining us and banking clients. thank you for joining us and taking - banking clients. thank you for joining us and taking us - joining us and taking us through those nu
In mind that with interest rates going down in the uk this will be benefit to hsbc, one of the worlds ? tell us more about the worlds ? tell us more about the pivot to asia you refer to. they outlined plans earlier this year to invest around 6,000,000,000 in the region, didn t they? didn t they? they did in the seat ? indeed. didn t they? they did in the seat ? indeed. hsbc- didn t they? they did in the i seat ? indeed. hsbc grabbed didn t they? they did in the - seat ? indeed. hsbc grabbed the seat? indeed. hsbc grabbed the most profitable driver of its growth coming from the asian private wealth management business, so retail as well as ultra high networks banking in asia is the core focus for hsbc. there is going to be a tricky needle to thread for hsbc to thread because they are 7 hsbc to thread because they are ? there are political headwinds to navigate between us and china trade tensions and they were supposed to have abated under president biden but have not done so yet, so