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When the coronavirus pandemic slammed gold's supply chain, prices in different locales sharply differed and drove major trading losses, HSBC said.
"The economic impact of the Covid-19 pandemic on our customers has been the main driver of the change in our financial performance," Noel Quinn said.
UK’s biggest banks were hit with a warning to freeze their dividends during the Covid-19 uncertainty or face formal action
Shares of UK's largest banks fall after they suspended outstanding dividends and agreed to no payments until the end of 2020.
The bank's overhaul plan seeks to cut as many as 35,000 jobs through 2022 and shift focus from the US and Europe to Asian markets.
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Banking giant HSBC's lackluster earnings and intention to cut 35,000 jobs also weighed on world markets.
The bank announced it would be remodelling large parts of the company as it abandoned its main financial target.
Singapore’s women entrepreneurs face limited funding, gender biases but are equally successful securing funds compared to men
Excluding Hong Kong, Singapore is the most gender-neutral market for business capital raising globally, HSBC said.
The Financial Times reported on Sunday the bank faced “an increasingly complex and challenging global environment," citing Brexit and trade conflict.
"Central banks, particularly the ECB, have become increasingly vocal that they are very close to reaching the limits of what monetary policy can do."