HSBC ready to swing axe

HSBC could cut thousands more jobs to cope with a slowdown in the global economy, the bank’s finance chief has said.

The lender unveiled profits of £4.8bn for the first three months of 2019, up 30pc on a year earlier, largely due to a buoyant performance in China, where its business has been supported by a surge in public spending.

However, chief financial officer Ewen stevenson said that the bank is facing an uncertain economic environment and could delay some investment decisions.

a trade war between China and the Us, fuelled by president Donald Trump, is thought to be damaging world growth.

stevenson said he is focused on keeping costs under control, which could lead to some of the lender’s 238,000 staff losing their jobs, although this is likely to be offset by hiring elsewhere. HSBC shares rose 1.9pc, or 12.9p, to 680p.