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HSBC PB profits plummet, cost efficiency ratio exceeds 100%

HSBC Private Bank in Asia posted a US$57 million pre-tax profit, even as the global private banking division notched up a loss of US$667 million on the back of a US$800 million goodwill impairment for its Europe business. The division also saw its cost/efficiency ratio balloon to 158.8% – an increase of 81 percentage points on the previous quarter. Overall, global…

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