HSBC profits fall 3.8% in Q2, Brazil sell-off agreed

HSBC announced Monday that net profit fell 3.8 percent in the three months to June, as the company agreed to sell its Brazilian business for $5.2 billion to Brazil's Banco Bradesco. Europe's biggest bank announced in June that it would cut its global workforce by up to 50,000 as it exits Brazil and Turkey. The moves come as HSBC tries to boost profits and move past recent scandals, including the rigging of foreign exchange markets.