Noel Quinn says HSBC is no longer able to achieve a return on tangible equity of 10 percent to 12 percent by 2022. HSBC Holdings said today that it revised its profitability target for 2022 after a sharp fall in earnings. Group Chief Executive Noel Quinn said: ''Unfortunately, the changed interest-rate environment means we are no longer able to achieve a return on tangible equity of 10 percent to 12 percent by 2022. We will now target a return on tangible equity of 10 percent or above over the medium term.'' The bank has three main businesses – wealth and personal banking; comercial banking; and global banking and markets.

Source: The Standard February 23, 2021 04:46 UTC