HSBC curbs hiring, reins in banker travel in cost-cutting push

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The story "HSBC curbs hiring, reins in banker travel in cost-cutting push" was covered 2 days ago by The Straits Times, a news publisher based in Singapore.

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The Straits Times 2d ago

HSBC curbs hiring, reins in banker travel in cost-cutting push - The Straits Times

Quick Summary:

The era of stubbornly high interest rates that fuelled the profits of large banks is coming to an end.

When it reports second-quarter earnings later in July, HSBC is expected to report revenue of US$16.1 billion (S$21.8 billion), which would be down 4.9 per cent compared with a year ago.

That would end an era of stubbornly high rates that fuelled the profits of large, global banks like HSBC in recent years.