HSBC could start charging for “basic banking services” after reporting a significant fall in pre-tax profits.
The banking group has warned that the charges for basic services, which the British public is used to getting for free, could come into effect after reporting 35% fall in pre-tax profits for the three months to the end of September.
Chief Financial Officer Ewen Stevenson told Reuters: “We will have to look at charging for basic banking services in some markets because a large number of our customers in this environment will be losing us money.”
Although the drop was expected, the bank didn’t expect it to be this much and have attributed it to lower interest rates making it harder to charge more for loans than it pays out to depositors.
HSBC, which took some bad losses on loans, reported a pretax profit of $3.1bn (£2.4bn) for the third quarter, down from $4.8bn (£3.7bn) at the same time last year.
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