HSBC Shares Plunge 9% as China Woes Slash Profits 80%, Dividend Cut Clouds Outlook
- Shares of HSBC down 9% after taking $3B hit from China operations, quarterly profit down 80%
- Guidance unclear, concerning analysts about HSBC's future prospects
- Jefferies called results "messy"
- Lower than expected final dividend could further weigh on stock price
- Implementing more cost discipline, targeting 5% cost growth in 2024 compared to 2023