HSBC’s chief executive has hit back at calls for a breakup from the top shareholder Ping An, saying splitting the business would come with “material costs” and a “high risk of failure” that could harm investors long-term.
It came as the bank reported flat pre-tax profits of $5bn (£4.1bn) for the second quarter, as income from mortgages and loans was offset by the amount it had to put aside for potential defaults linked to weaker economic forecasts.
