HSBC profits plummet 80% after charge on Chinese bank stake

News Snapshot:

HSBC’s quarterly profit plunged 80 per cent as it took a $3bn charge on the value of its stake in a Chinese bank and a further writedown on commercial real estate, underlining how a slowdown in the country’s economy continues to hit international lenders. Photograph: Lucy North/PA HSBC’s quarterly profit plunged 80 per cent as it took a $3 billion (€2.8 billion) charge on the value of its stake in a Chinese bank and a further writedown on commercial real estate, underlining how a slowdown in the country’s economy continues to hit international lenders. Profits for the final three months...