HSBC's Profit Falls 17%, Misses Estimates

Pretax profit fell 17 percent to $18.7 billion, London-based HSBC said in a statement on Monday. Chief Executive Officer Stuart Gulliver scrapped four-year-old profitability targets today, blaming regulatory burdens. His efforts to spend billions on compliance and revive profit were eclipsed this month by a report from the International Consortium of Investigative Journalists showing details of how HSBC handled Swiss accounts for tax evaders and criminals. “It’s all pretty grim reading,” said Gary Greenwood, an analyst at Shore Capital Group Ltd. in Liverpool, England, with a hold rating on the stock.



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