HSBC profits are “well ahead” of 2009

8 November 2010

Profits at HSBC for the third quarter of the year are “well ahead” of those seen during the same period in 2009, an interim statement by the bank has claimed.

The investment bank did not provide any precise statistics to assert its claims but did suggest that the global economy is also in better shape than many commentators believed it would be this time last year.

Despite the positive outlook for the bank’s performance, Michael Geoghegan, chief executive officer at HSBC, expressed concern over the continuing influx of financial regulation within the UK.

He was quoted by the BBC as saying: “It is ... of some concern that the EU and UK appear to be going further than others in contemplating measures which would have a wider global impact."

"In the UK, a levy on the global balance sheets of UK-headquartered banks effectively places a tax on their emerging market growth,” he said before warning of an increase in "regulatory arbitrage" and banks taking advantage of different rules and loopholes between markets for their own gain.

The bank has previously expressed concern over the amount of regulation being implemented within the financial services sector by the British government.

It has led to media speculation over whether HSBC will move its headquarters overseas.

By Jim Ottewill

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