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HSBC reported a near doubling in first quarter earnings on Tuesday, demonstrating the benefits of a three-year restructuring, cost cuts and a big drop in bad debt charges.
Europe's largest bank has moved faster and more aggressively than many of its peers to reduce costs in the wake of the financial crisis, shedding 38,000 jobs and closing or selling more than 50 businesses.
The bank reported a pretax profit of $8.4 billion, up from $4.3 billion a year ago and above the average forecast of $8.1 billion from analysts polled by the company.