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Hsbc Set For 15 Percent Profit Jump As Cost Cuts Pay Off

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http://uk.reuters.com/article/2013/08/05/uk-hsbc-results-idUKBRE9730D520130805

HSBC's (HSBA.L) half-year profit is set to rise 15 percent to more than $14 billion (9 billion pounds) as a three-year cost cutting plan starts to pay off and lower bad debts compensate for a fall in revenue at Europe's biggest bank.

The results, due to be released on Monday, are likely to lack the drama of British rivals last week - a rights issue at Barclays (BARC.L), a new chief executive at RBS (RBS.L) and the prospect of a swift government sale of shares in Lloyds (LLOY.L).

Instead, HSBC (0005.HK) will show how cutting costs and restructuring is essential for an industry struggling to grow.

Chief Executive Stuart Gulliver said in May he will redouble his efforts to drive down costs and could cut 14,000 more jobs as part of his push to lift profitability and streamline the complex bank.

The wonders of the free market £9bn profit is not enough we need more profit and have to sack people, so we can have the illusion of growth.

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Ruh-roh. Profit miss and weak guidance. HSBC shares down 3.9% this morning. They'll need to sh1tcan several thousand more to turn this sewage barge around.

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Ruh-roh. Profit miss and weak guidance. HSBC shares down 3.9% this morning. They'll need to sh1tcan several thousand more to turn this sewage barge around.

Maybe they could step up their money laundering activities to offset the loss? Or get some of their drug dealer 'associates' to introduce the same redundancy terms they use in mexico- giving a whole new meaning to the term 'headcount reduction' ;

CUERNAVACA, Mexico — The preferred form of cruelty by drug cartel henchmen is to capture enemies and behead them, a once-shocking act that has now become numbingly routine.

Since March 22, authorities have come across four separate grisly scenes of beheaded bodies, in one case with several heads placed neatly in a row.

http://forum.prisonplanet.com/index.php?topic=165327.0;wap2

The worlds local bank.

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http://uk.reuters.com/article/2013/08/05/uk-hsba-lawsuit-us-idUKBRE9740RJ20130805

HSBC Holdings Plc (HSBA.L), Europe's biggest bank, said it could take a hit of up to $1.6 billion (1 billion pounds) in a settlement with a U.S. regulator over allegations it mis-sold mortgage-backed bonds during the housing bubble.

The Federal Housing Finance Agency (FHFA), the conservator of Fannie Mae and Freddie Mac, has alleged 18 banks misrepresented the quality of the collateral backing securities between 2005 and 2008.

I wonder what that represents as total profit made and bonuses paid out in the past to the bankers that did the selling?

Obviously none of the payment will be recovered from the bonuses paid to the high earning talent that did the mis-selling.

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