BERN: Pretax profit rose to $13.6 billion from $12.3 billion in the year-earlier period, the London-based lender said in a statement on Monday. The company agreed to sell its Brazilian unit to Banco Bradesco SA for $5.2 billion.
Chief Executive Officer Stuart Gulliver, 56, has been seeking ways to shore up earnings, battered by rising misconduct costs. In June, the bank unveiled a three-year plan to lower headcount by some 50,000 such as through business sales to cut annual costs by up to $5 billion.
HSBC’s Hong Kong shares ended the morning session unchanged at HK$69.70. Since taking over in 2011, Gulliver has announced more than 87,000 job cuts and exited about 78 businesses.
