Europe's biggest bank reports that its net profit fell 53% in 2019 to $6 billion.
FILE - In this May 4, 2018, file photo, a man walks past a branch of HSBC bank in Hong Kong. . London-based HSBC, whose profit is mainly from Asia, said it plans to revamp its U.S. and European business and shed $100 billion in assets to improve its profitability.
The bank said the virus outbreak that began in China has caused a “significant disruption" for its staff, suppliers and customers, especially in the Chinese mainland and in Hong Kong. HSBC said months' long protests in Hong Kong also weighed on the local economy and caused disruptions to the bank's business.
“Our immediate aims are to increase returns, create the capacity to invest in the future, and build a platform for sustainable growth," the bank's group CEO, Noel Quinn, said in the statement.
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