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HSBC swings to Q4'19 loss from year-ago profit

HSBC Holdings PLC reported a fourth-quarter 2019 loss attributable to ordinary shareholders of the parent company of $5.51 billion, compared to profit of $1.54 billion a year earlier.

For full-year 2019, the British banking group's attributable profit fell year over year to $5.97 billion from $12.61 billion.

HSBC said it plans to suspend share buybacks for 2020 and 2021, citing the "high level of restructuring" it expects to undertake over the next two years.

More details to follow.