HSBC profit up on costs, co-operates in FX probe

HSBC said third-quarter pre-tax profit rose 30% as the bank cut costs and focused on its most lucrative markets.

Bloomberg News reports that pretax profit rose to $4.53bn from $3.48bn in the year-earlier period, the bank said in a statement Monday.

CEO Stuart Gulliver said in May that he will cut an additional $3bn of expenses after beating an earlier target with the closing or sale of 60 businesses and the elimination of 46,000 jobs since the start of 2011.

HSBC Says Third-Quarter Profit Rises 30% as Lender Reduces Costs

In the meantime, Reuters reports that HSBC has also said that it was cooperating with investigations by the Financial Conduct Authority and several other agencies in various countries into a number of firms, including HSBC, relating to trading on the foreign exchange market.

It said the investigations were at an early stage.

HSBC says helping with forex probe as Q3 profits rise

image: © Gyver Chang

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