HSBC CFO Says U.K. Hardest Hit by Rising Credit Losses

The transcript discusses HSBC's increased credit loss guidance due to worsening economic conditions, particularly in the UK. It outlines cost reduction strategies, including job cuts, in response to COVID-19. The discussion highlights economic uncertainties from geopolitical events and the pandemic, with a focus on risks in the US and resilience in Asian markets. HSBC's commitment to diversity and inclusion is also emphasized, with new targets for ethnic diversity and gender equality.

What was the primary reason for HSBC increasing its credit loss guidance?

• Improved economic outlook

• Negative shift in global economic outlook

• Decrease in UK credit losses

• Increase in consumer spending

How much cost reduction did HSBC achieve in the second quarter?

• 3%

• 5%

• 7%

• 10%

What is one of the major uncertainties affecting HSBC's financial strategy?

• Stable economic conditions

• Increased consumer spending

• Technological advancements

• Geopolitical tensions

Which region's business showed resilience despite global tensions?

• American

• Asian

• European

• African

What percentage increase did HSBC's Mainland Chinese business see in pre-tax profits?

• 35%

• 10%

• 15%

• 29%

What is HSBC's target regarding the representation of black staff in upper ranks?

• Maintain the current number

• Double the number

• Triple the number

• Reduce the number

Which organization is HSBC collaborating with to establish consistent disability standards?

• International Labour Organization

• United Nations

• Business Disability Forum

• World Health Organization