HSBC Holdings plc witnessed a more than 7% decline in its shares on the London Stock Exchange during pre-market trading on Wednesday after the release of the company's fourth quarter results.
According to the report, the UK-based banking giant saw a 78% increase in its pre-tax profit, reaching USD 30.3 billion in 2023.
However, this was lower than the forecast set at 34.06 billion dollars, as Europe's largest bank by assets suffered a loss of 3 billion dollars due to its 19% stake in China Telecom Bank (BoCom).
And expectations of continued declines for the stock with the decline of the British FTSE.
