 "FILE PHOTO: The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London, Britain | Photo: Reuters")
HSBC Holdings PLC's first-quarter profit tumbled a worse-than-expected 48% after boosting provisions against bad loans as the coronavirus pandemic hits borrowers worldwide.
Europe's biggest bank by assets said profit before tax came in at $3.21 billion for January-March, down from $6.21 billion a year ago and below an average analyst forecast of $3.67 billion compiled by the bank.
HSBC said last week it is pressing ahead with plans outlined in February to shift capital from underperforming businesses, reduce costs and strip out layers
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