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HSBC Hit as Emerging Markets Slow

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HSBC Hit as Emerging Markets Slow
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It looks as though HSBC's cost cutting plan is paying off. Pretax profit at Europe's biggest bank rose 10 percent to more than $14 ($14.1) billion in the first half of the year. But the market saw a drop in HSBC's share price as it learned of a fall in earnings - revenue fell 7 percent to $34.4 billion. It's down to muted growth in western economies AND a slow down in China and Asia, as well as the costs from regulation reforms.moreless

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