HSBC reports 46% drop in third-quarter profit

HSBC said today its third-quarter post-tax profits plunged 46% on-year as the Asia-focused banking giant continued to take a hammering from the coronavirus pandemic and spiralling China-US tensions.

The global economic slowdown caused by the virus has hit financial giants hard and there is little optimism on the horizon as Europe and the United States head into the winter with infections soaring once more.