HSBC says profit up as cost-cutting advances

Markets Associated Press

HSBC Corp. says its latest quarterly profit rose nearly 7 percent over a year earlier as the global bank cut costs and revenue rose.

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HSBC said Monday that its third-quarter profit was $5.6 billion. Revenue rose 2 percent to $12.8 billion.

Chief executive Stuart Gulliver said in a statement that revenue rose in every global region. He said an initiative to cut costs has achieved $2.8 billion of annualized savings.