Standard Chartered Plc slumped to the lowest in three months in Hong Kong trading after the lender said full-year operating profit at its consumer-banking unit will drop at least 10 percent, hurt by its Korean business.
Standard Chartered Plc, the U.K. lender that makes about three-quarters of its earnings in Asia, may end 11 years of record profits as a loss at the Korean unit undermines revenue at the consumer-banking division.
HSBC Holdings Plc, Europe’s largest bank by market value, rose to a six-week high in Hong Kong stock trading, after saying third-quarter pretax profit jumped 30 percent, boosted by earnings in that city and cost cuts.
As the credit crisis mounted in 2008, Stuart Gulliver moved from his executive office on the 42nd story of HSBC Holdings Plc ’s London office to the trading floor on the fourth so he could oversee his employees directly.
HSBC Holdings Plc , Europe’s biggest bank, will cut jobs and close offices to reduce costs by about a tenth over the next two years as it expands in faster-growing economies and prepares for stricter capital rules.
HSBC Holdings Plc, Europe’s biggest bank, slid in London and Hong Kong trading after profit missed analysts’ estimates and Chief Executive Officer Stuart Gulliver said fast-growing emerging markets are slowing.