By Matthew Roscoe • 27 October 2020 • 9:55
HSBC could start charging for “basic banking services” after reporting a significant fall in pre-tax profits.
The banking group has warned that the charges for basic services, which the British public is used to getting for free, could come into effect after reporting 35% fall in pre-tax profits for the three months to the end of September.
Chief Financial Officer Ewen Stevenson told Reuters: “We will have to look at charging for basic banking services in some markets because a large number of our customers in this environment will be losing us money.”
Although the drop was expected, the bank didn’t expect it to be this much and have attributed it to lower interest rates making it harder to charge more for loans than it pays out to depositors.
HSBC, which took some bad losses on loans, reported a pretax profit of $3.1bn (£2.4bn) for the third quarter, down from $4.8bn (£3.7bn) at the same time last year.
Thank you for taking the time to read this news article “HSBC could start charging for “basic banking services””. For more UK daily news, Spanish daily news and Global news stories, visit the Euro Weekly News home page.
Euro Weekly News is delighted to continue be able to bring you a range of News from around Spain in English and Global News live as it happens.
Euro Weekly News doesn’t cost you anything but your internet connection. Whether it’s bringing you the local Spanish news or the International news today, we’ve got you covered!
Euro Weekly News, the leading free local and national newspaper in Spain, the people’s paper, we lead others follow!
Share this story
Subscribe to our Euro Weekly News alerts to get the latest stories into your inbox!
By signing up, you will create a Euro Weekly News account if you don’t already have one. Review our
Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]
Your email address will not be published. Required fields are marked *
Download our media pack in either English or Spanish.