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HSBC CFO: Bank to restructure after Q3 profit drop

Future CFO

HSBC’s CFO Ewen Stevenson said the bank plans to restructure its loss-making businesses after announcing an 18% year-on-year drop in pre-tax profit in Q3 on Monday. The Hong Kong-listed bank reported pre-tax profit of US$4.8 The post HSBC CFO: Bank to restructure after Q3 profit drop appeared first on FutureCFO.

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JCPenney Explores Debt Restructuring Options With Advisers

PYMNTS

To look into debt restructuring options that would provide the retailer more time to make a turnaround, JCPenney Co Inc has reportedly hired advisers. Even so, one of the unnamed sources put out the caveat that the plans for restructuring are at an early stage. The report also noted that JCPenney has over $1.5

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UK’s Dixons Carphone Warehouse Shutters 530 Locations, 3K Jobs Lost

PYMNTS

company is closing 531 stores, which will result in the loss of 3,000 jobs. The company’s CEO, Alex Baldock, said that the about 300 large locations are “doing well, with footfall steady, and that is why we are placing a big bet on these stores and investing millions of pounds in them.”. The stores will close on April 3.

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European Lenders Announce 60K Job Cuts

PYMNTS

European banks have been forced to slash more than 60,000 jobs as they face falling profitability, The Financial Times reported on Saturday (Dec. The region’s struggling financial institutions are mostly comprised of investment banks suffering from a combination of revenue declines and market share losses to U.S. In the U.K.,

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Ride-Hailing Firm Grab Cuts Staff 

PYMNTS

Grab , the $14 billion Southeast Asian ride-hailing startup, announced hundreds of job losses on Tuesday (June 16) as the impact of COVID-19 continues to take its toll. The layoffs are the latest restructuring at a SoftBank investment. Reuters reported the company will lay off more than 300 employees.

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Tencent Buys Stake In Chinese eCommerce Co Youzan

PYMNTS

billion shares to five subscribers, including Tencent’s Poyang Lake Investment, at $0.53 So far, Hangzhou-based Youzan has yet to turn a profit. In fact, it posted a loss of $839.4 This is the latest investment for Tencent, which revealed aggressive investment plans earlier this year.

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What is EBITDA?

Planful

It is often used as a proxy for cash flow and is a measure of operating profit. Analysts and investors often use EBITDA or EBITDA margins to quickly understand the company’s profitability trends and compare it to its peers within the same industry. Common examples are stock compensation expenses or restructuring charges.