HSBC warns of uncertainty over Brexit and Trump economic policies
One of the largest banking and financial services institutions in the world has warned of uncertainty over Brexit and US President Donald Trump’s economic policies.
The warning comes as new figures show that HSBC’s profits declined in 2016 on huge write-downs and restructuring charges.
The London-based bank announced its net profit decreased to $1.29 bn in 2016, down 90 percent on a year earlier.
Media reports say profit before tax stood at $7.1 bn, down 62 percent after HSBC slashed the value of its private banking activity in Europe by $3.2 billion over an acquisition made in 1999.
Meanwhile, HSBC was hit by restructuring costs of $3.1 bn after its announcement in 2015 to slash 50,000 jobs and exit non-core markets. HSBC chairman Douglas Flint said the political changes in 2016 had contributed to "volatile financial market conditions".
He also pointed to "the threat of populism impacting policy choices in upcoming European elections, possible protectionist measures from the new US administration impacting global trade... and uncertainties facing the UK and the EU as they enter Brexit negotiations".
Earlier, Trump announced his plan to dismantle some of the restrictions on banks put in place after the 2008 financial crisis. The Republicans say the rules have already limited Wall Street's ability to gain profits.
HSBC head also touched on Brexit and reaffirmed earlier reports that "current contingency planning suggests we may need to relocate some 1,000 roles from London to Paris progressively over the next two years, depending on how negotiations develop".
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