LONDON – Banking group HSBC says first-half profit fell 5.4 percent to $9.46 billion amid continuing concerns about economic growth around the world and rising geopolitical tensions.
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Chairman Douglas Flint says that now is not the time to attempt to bolster revenues because world economies are still recovering from the 2008 economic crisis.
Flint told investors in a statement Monday that with "residual concerns over the sustainability of economic growth in many major markets and with heightened geopolitical tensions apparent, the board supported management's view that this was not the time to expand risk appetite to offset the effect of lower revenues."
HSBC Holdings PLC, which has operations in 74 countries, also says it is being challenged by increasing regulation.