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Finance

HSBC's Q3 profit slides 40% on hit from French banking sale

Bank announces Georges Elhedery will take over as CFO from Jan 1

HONG KONG -- HSBC Holdings has warned there is a "long way to go" before China's property market stabilizes, as the bank reported a drop in third-quarter profit due largely to losses related to the sale of its French retail operations.

Chief Financial Officer Ewen Stevenson told analysts on Tuesday that the bank, which has already made hefty provisions for losses related to the China commercial property sector, continues to see "some losses coming through that portfolio" through next year.

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