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>> HSBC posting a slump in annual profits on Tuesday fine well short of analyst estimates. Europe's biggest bank by assets blaming one of charges in its global private banking business in Europe. And the impact of the sale of operations in Brazil, Reuters UK banking correspondent Lawrence Fight.>> Yes, the HSBC will fall the 62% slump in its annual profit largely because of the $3 billion write down in its Swiss private banking operation.
This reflects ten years of declining revenues at the unit and reflects problems that they've had including investigation spies. Swiss authorities about what declines in the unit were evading taxes or laundering money.>> CEO Stuart Gulliver also announcing a new $1 billion share buy back. In a statement, he said HSBC is investing over $2 billion in digital transformation initiatives to improves customer service.
Shares in HSBC trading lower on Tuesday, the stock has been among the best performing European banks since Britain voted to leave the EU in June. Thanks to appreciation of the US dollar and stronger capital levels. The British Bank which could move 1,000 jobs to Paris following Brexit says that so far seen little impact from the referendum on its business.
But its hunt for a new chairman could prove to be challenging.>> So it's going to be a challenge for HSBC to find a new chairman. It took their rivals standard charts at 16 months which I think was a record for a
] 100 company. And that just reflects how hard it is to find someone who can run a massive global bank but who's also acceptable to global regulators.
The front runner throughout the process has been seen as Henri de Castrie who's on the board of HSBC at the moment. But there are questions everywhere that he's interested in a role in French politics, so it's not nailed on that he'll be the successor.