HSBC’s 2023 pretax profit of $30.35 billion was a record, but missed estimates for a $34.12 billion profit as fourth-quarter earnings were hit by unexpected charges, including on its holdings in China’s Bank of Communications. CEO Noel Quinn told Bloomberg's Francine Lacqua the Bocom impairment was a “technical accounting issue” and says there's no impact on capital. See omnystudio.com/listener for privacy information.
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