HSBC quarterly profit surges by third as costs fall

Staff Writer
Columbus CEO

HONG KONG (AP) — HSBC Holdings reports that pre-tax profit has jumped by a third in the latest quarter as it paid out less in fines, settlements and British customer compensation.

The bank, Europe's largest by market value, on Monday posted $6.1 billion in profit for the July-September period, up 32 percent from a year earlier.

Revenue slipped 4 percent to $15.1 billion.

In June, the bank announced a major reorganization, including slashing tens of thousands of jobs and selling businesses to concentrate on fast-growing Asian economies.

It's also considering moving headquarters out of London as part of the plan. The bank said in its report a decision would be made by year-end at the earliest.

HSBC is listed on the Hong Kong and London stock exchanges.