Restructuring costs undermines HSBC’s year
(2 March 2005 – Australia) The pre-tax profit of HSBC’s Australian and New Zealand business dropped 10 percent in the year to December 2004, down to US$86 from US$96 million a year earlier.
The bank’s second half performance was particularly poor, dropping to US$33 million in the six months to December 2004, from US$53 million in the previous half.
The bank said profits were impacted by restructuring costs, undermining a strong performance in property loans which grew 40 percent in 2004. HSBC shed some 80 jobs in Australasia at the end of last year as part of its restructuring program.
The bank plans to make significant staff recruitments across Asia in 2005.
In Australia, HSBC has appointed Graham Bradley as chairman following the retirement of David Say.
Bradley is currently chairman of Film Finance Corporation Australia and is a director of Singapore Telecommunications, Stockland Corporation and MBF Australia.
He was previously chief executive officer at Perpetual Trustees.
The bank said profits were impacted by restructuring costs, undermining a strong performance in property loans which grew 40 percent in 2004. HSBC shed some 80 jobs in Australasia at the end of last year as part of its restructuring program.
The bank plans to make significant staff recruitments across Asia in 2005.
In Australia, HSBC has appointed Graham Bradley as chairman following the retirement of David Say.
Bradley is currently chairman of Film Finance Corporation Australia and is a director of Singapore Telecommunications, Stockland Corporation and MBF Australia.
He was previously chief executive officer at Perpetual Trustees.
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