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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. The retailer is said to be looking into options encompassing negotiating with creditors or raising more cash. The retailer operates over 860 stores and has 95,000 workers.

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Lloyd’s Bank To Cut 730 Jobs In January

PYMNTS

London-based Lloyd’s plans to cut roughly 730 additional jobs as part of its ongoing restructuring plan, which had been put on hold earlier this year due to the COVID-19 pandemic. The job cuts will be largely in its technology and retail operations. 29, Lloyd’s reported a third-quarter profit of $1.3

Banking 64
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Support measures to shield Thai, Indonesian and Philippine banks from asset risks rising on virus surge

Future CFO

Support measures for borrowers will limit the asset quality decline in Thailand, Indonesia, and the Philippines and banks in these countries have sufficient capital and provisions to absorb losses, though the resurgence of coronavirus cases will hinder their economic recovery and raise asset risks for banks , said Moody’s recently.

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Levi Goes ‘Soft And Stretchy’ In A Rigid Retail Market

PYMNTS

Retailers that are unable to call on substantial financial reserves are struggling in the current environment. Mobile shopping is growing and a key focus of retailers going into the holiday season. Mobile shopping is growing and a key focus of retailers going into the holiday season. Along with Claire’s Stores Inc.,

Retail 55
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Groupon Reports Wider Q2 Loss As It Focuses On Evolving Business Model

PYMNTS

Groupon reported a wider-than-expected loss during the second quarter, as it continued its efforts to restructure its core voucher-based business model and expand its international business. The firm said that gross profit fell 6 percent in North America to $219.4 Groupon said that at the end of June, it had about 5.1

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Closed Theme Parks Sink Disney Earnings; Q3 Could Be Worse

PYMNTS

The company reported the second-quarter profit of its fiscal year at $460 million, or 26 cents a share, on sales of $18.01 After adjusting for restructuring charges and other effects, Disney reported earnings of 60 cents a share, down from $1.61 billion, up from $14.9 billion in 2019. a share a year ago. “The