HSBC became the latest global bank to cut profit targets under the weight of new global regulations, but it softened the blow with the promise of dividend increases.
The mixed message, combined with the announcement of full-year profits that fell short of analysts’ expectations, sent the shares down more than 4 per cent to 680.88p in London trading on Monday.
The one-fifth cut in HSBC’s targeted return on equity follows the downgrading of profit targets by the likes of Credit Suisse, Barclays and JPMorgan.
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