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HSBC Will Not Expand Its Business into Bitcoin Because of High Volatility of Crypto
May 25 2021 · 11:51 UTC by Mercy Tukiya Mutanya · 2 min read
Photo: FORTUNE Global Forum / Flickr Share this article
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The stance of HSBC is opposing to the stance of other major financial institutions like UBS, Morgan Stanley and Goldman Sachs
Europe’s largest bank HSBC has revealed that it will not be launching a crypto trading desk. Citing volatility, HSBC Chief Executive Noel Quinn added that the bank would not be offering crypto assets as investment options to its clients either.
“Given the volatility, we are not into Bitcoin as an asset class, if our clients want to be there then of course they are, but we are not promoting it as an asset class within our wealth management business. For similar reasons we’re not rushing into stablecoins […] I view Bitcoin as more of an asset class than a payments vehicle, with very difficult qu
Provided by Dow Jones
By Simon Clark and Quentin Webb Global banking giant HSBC Holdings PLC said net profit more than doubled in the first quarter, as the world economy began to recover from the coronavirus pandemic. The London-based lender, which makes most of its profit in Hong Kong and mainland China, earned $3.88 billion in the first three months of the year, up from $1.79 billion in the same period last year. HSBC reduced provisions for bad loans by $435 million in the quarter, which it said was mostly due to an improved economic outlook. It had taken more than $3 billion of new provisions in the same period last year.
HSBC profit rises 79% as vaccine rollout sparks improved outlook
By Lawrence White
Reuters
LONDON (Reuters) -HSBC Holdings PLC reported better-than-expected quarterly profit on Tuesday and released $400 million it had set aside to cover pandemic-induced bad loans, as succesful vaccine rollouts in key markets promised a brighter economic outlook.
HSBC cautioned, however, that uncertainty about a global recovery meant it was unlikely to sustain that level of reduction in the $3 billion bad debt provision it had set aside a year ago as the pandemic took hold. We are still are being relatively cautious, and we ve retained about 70% of the reserve build up we did last year, Chief Financial Officer Ewen Stevenson told Reuters.
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