Europe’s largest bank, HSBC Holdings Plc (HSBC), published its 2013 full-year earnings and despite an aggressive cost-cutting campaign, the bank still missed analysts’ estimates. HSBC disclosed that pre-tax profit for the year rose 9 percent over 2012 to $22.6 billion, which was well short of the $24.6 billion median estimate from 30 analysts surveyed by Bloomberg. With the company’s most lucrative offices located in Asia, it has been seeking to optimize service to the region by closing or selling 63 non-performing offices. Yet, that strong effort hasn’t been enough to fuel profits to where market analysts think they should be. And because of that, shares have flagged on the news, down more than 3.36 percent on the London market so far today.
Jim Woods has over 20 years of experience in the markets from working as a stockbroker, financial journalist, and money manager. As well as a book author and regular contributor to numerous investment websites, Jim is the editor of:
Bob Carlson provides independent, objective research covering all the financial issues of retirement and retirement planning. In addition, Bob serves as Chairman of the Board of Trustees of the Fairfax County (VA) Employees’ Retirement System, which has over $2.8 billion in assets.
Jon Johnson's philosophy in investing and trading is to take what the market gives you regardless if that is to the upside or downside. For the past 21 years, Jon has helped thousands of clients gain success in the financial markets through his newsletters and education services: