HSBC hit by emerging market slowdown

Profit was up but the shares were down at HSBC. That is because Europe's biggest bank posted slower than expected earnings growth and a twelve percent drop in revenue.

Profit did rise 10 percent in the first half of the year as HSBC's three-year cost-cutting plan started to show results.

That includes laying off thousands of staff and selling or closing some businesses

...
http://www.euronews.net/