HSBC reported its revenue was down 3% from 2020 to $37.6bn, last year the bank made over $50bn in revenue. HSBC also expects adjusted costs of approximately $32bn for 2021 and 2022, meaning they have a chance to beat the Cost:Income ratio that Barclays have generated.
Chinese GDP in the first quarter was up as much as 18.4% on a year earlier. But the gain compared to the previous quarter was a much more meagre 0.6%. Even so, growth over the year as a whole should still be close to 9%, higher than any other major economy with the exception of India.
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