HSBC Holdings plc Sponsored ADR Stock News
$89.62
0.61%
NYSE, Nov 13, 04:00 pm EST.
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HSBC Holdings plc Sponsored ADR Stock News
HSBC will open its new global headquarters in London in March or April next year, a senior executive at the lender said, as Europe's biggest bank shifts from its tower in the Canary Wharf financial district to new offices in the centre of the city next to St Paul's Cathedral.
Shares of banking giant HSBC Holdings fell as much as 7% on Tuesday as the lender revealed that customers are increasingly turning to higher-rate products.
European shares fell on Tuesday after disappointing earnings from HSBC weighed on banking shares, while ongoing tensions in France added to investor caution.
HSBC's share price has been in a steep sell-off over the past few months, mirroring the weakness across other European banks. After peaking at 1,608p in August, the stock has fallen to 1,365p, wiping out billions of pounds in market value.
The bank said quarterly results were supported by growth in banking net interest income and lower expected credit losses.
HSBC's revenue rose year-on-year to $18.6 billion. The bank's third-quarter profit before tax rose 32% from a year earlier to $9.6 billion.
HSBC reported a 32% surge in third-quarter profit on Tuesday, as rate hikes helped boost net interest income, while its wealth management division benefited from turbulent market conditions
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