FILE PHOTO: The HSBC headquarters is seen in the Canary Wharf financial district in east London, Britain February 15, 2016. REUTERS/Hannah McKay/File Photo
HONG KONG/LONDON (Reuters) – HSBC Holdings PLC (HSBA.L) on Tuesday posted a fall of 33% in annual profit, lagging analyst estimates, mainly due to a goodwill impairment of $7.3 billion related to its investment banking and commercial banking businesses in Europe.
Europe’s biggest bank by assets, which makes the bulk of its revenue in Asia, reported profit before tax of $13.35 billion for 2019 versus $19.89 billion a year earlier.
The result, which is being announced along with a strategy update by interim Chief Executive Noel Quinn, compared with the $20.03 billion average of brokerage estimates compiled by the bank.
HSBC is in over 50 countries across Europe, North America, the Middle East and Asia – with the latter accounting for roughly half of its revenue and 90% of profit.
Reporting by Sumeet Chatterjee in Hong Kong and Lawrence White in London; Editing by Christopher Cushing