HSBC's profit disappoints as cost cuts continue

HSBC Canary Wharf

HSBC delivered slightly worse than forecast profit of $14.1 billion for the first half of 2013, as chief executive Stuart Gulliver's cost-cutting campaign continued.

The bank, one of the world's biggest, was expected to report pre-tax profit of $14.6 billion for the half-year, according to a Reuters poll. Its shares by over 2 percent after the results were announced on Monday morning.

(Read more: Policy meetings to shake-up currencies: HSBC's Bloom )

Revenues for the six months to the end of June also disappointed, coming in $34.37 billion, short of an expected $34.8 billion.

The bank issued a warning about proposed U.K. banking reforms in its results statement, saying the mooted changes may be difficult to implement.

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