HSBC boss hits back at calls for breakup of business from investor

Noel Quinn says such a move would come with material costs' and high risk of failure'

HSBC's chief executive has hit back at calls for a breakup from the top shareholder Ping An, saying splitting the business would come with material costs" and a high risk of failure" that could harm investors long-term.

It came as the bank reported flat pre-tax profits of $5bn (4.1bn) for the second quarter, as income from mortgages and loans was offset by the amount it had to put aside for potential defaults linked to weaker economic forecasts.