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HSBC Holdings Second Quarter 2024 Earnings: Beats Expectations
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Choose economy class instead of taking taxis; major banks in the United Kingdom are tightening their spending.
As global central banks begin cutting borrowing costs and bidding farewell to the era of high interest rates, the largest banks in the United Kingdom are tightening their belt. Previously, high interest rates had boosted the profit of several global banks, including HSBC Holdings. The Bank of England voted this week to cut interest rates for the first time since early 2020 and hinted that they will continue to do so in the future. Bond traders believe that economic data supports the assumption that the Federal Reserve will cut interest rates three times this year. On January 30th, HSBC's headquarters located in the Canary Wharf area of London. While this will be a comfort to households struggling with rising borrowing costs, it is a setback for the UK banking industry, which has been boosted by high interest rates in recent years.
HSBC Bank Plc - Form 8.5 (EPT/RI) - Wood Group (John) Plc
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