HSBC annual profit disappoints, plans up to $7.0b capital raising

HONG KONG/LONDON, Feb 20 (Reuters): HSBC Holdings reported a jump in annual pre-tax profit that missed expectations and unveiled a plan to raise up to $7.0 billion over the next four months to bolster its capital base, as the bank prepares for growth under a new leadership.

Europe's biggest lender by market capitalisation has undergone a painful restructuring under Chief Executive Stuart Gulliver that has seen the bank cut thousands of jobs, shut branches and exit markets.