HSBC Profits Soar And Reports Calmer Waters In PPI Scandal

Global banking giant HSBC has reported a huge surge in profits, reaching £5.4bn for the first three months of the year, a 95% increase in profits when compared to a year earlier. The bank has shed tens of thousands of jobs, continued with cost cutting exercises, and witnessed a reduction in bad debts while chief executive Stuart Gulliver said that the industry was heading into “calmer waters” with regards to PPI and other scandals. He also warned, however, that further job cuts were inevitable.

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