HSBC Shares Tumble 6% after Third-quarter Revenue Disappoints, Wealth Growth Slows
HSBC's shares slid 6% on Tuesday after revenue undershot estimates and growth at its wealth business slowed, highlighting the challenge big banks face to sustain recent record profits. Europe's largest bank reported a 32% surge in pretax profit to $9.6 billion for the July-September quarter, in line with estimates. But investors and analysts focused on the lack of upgrades to the bank's performance guidance and underwhelming third-quarter revenue of $18.6 billion against forecasts for $19 billion.
