HSBC Q1 earnings missed: The stock unchanged after the bank pause plans to cut 35,000 jobs

HSBC Holdings (LON: HSBA) reported first-quarter earnings on Tuesday. The pre-tax profit falls 48% year-over-year in the first quarter to $3.2 billion. While revenue dropped by 5% to $13.686 billion, down from $14.4 billion in the same period last year.

HSBC’s shares fell 1.4% in early session but later the stock recovered after the London based bank confirmed on Tuesday it will pause plans to cut around 35,000 jobs as part of a major restructure of its global markets business.

The “The economic impact of the Covid-19 pandemic on our customers has been the main driver of the change in our financial performance since the turn of the year,” CEO Noel Quinn said in the earnings release.

HSBC shares in London have fallen by 29.7% so far this year, while its Hong Kong-listed shares have dropped by around 35.1% in the same period.