"HSBC Faces $3 Billion Hit from China Operations as Stock Falls"

HSBC Holdings' stock is down nearly 9% after the bank took a $3 billion hit from its operations in China, leading to an 80% drop in quarterly profit. Analysts are concerned about unclear guidance and described the results as "messy," with lower-than-expected final dividend potentially weighing on the stock in the short term. The company reported an 11% decrease in revenue and emphasized implementing cost discipline and targeting cost growth of approximately 5% for 2024 compared to 2023.