HSBC first-half profit plunges 65%

HSBC's profits plunged 65% in the first half of 2020, as the coronavirus hit the bank's global retail and corporate customers.

The British lender also warned its bad debt charges could reach higher than previous estimates, to $13 billion this year.

HSBC's results highlight a trend for banks across the world to raise capital as they absorb souring loans,

That as companies have struggled with the effects of the virus and may default on their repayments.

It also reflects worse-than-expected losses in the second quarter and concerns about a steeper decline in the economy.

Profit for the for the first half reached $4.3 billion - far lower than analysts forecast and way down on last year's almost $12.5 billion.

The results come as HSBC, which is Europe's biggest bank, undergoes a restructure and plans to cut 35,000 jobs worldwide.

The bank said staff headcount had fallen by 4000 this year.

And it aims to cut costs by 3% in 2020.

HSBC's Hong-Kong listed shares dropped more than 4.5% on Monday - to their lowest level in more than a decade.