HSBC has revealed bad debts of $3.4 billion from the third quarter, though profits are up on a year before given the increased revenue. The bank reported that the bad debts were $1.4 billion more than was forecast by the first-half trends, as HSBC became the latest in a long list of banks to reveal it has been hit by the credit crisis. HSBC also warned that the coming months could see the knock on effects of the credit crisis continue.
HSBS’s losses are the result of mortgages on its books, rather than from exposure to mortgage-related products, as has been the case with several Wall Street Banks. Few, if any, banks have escaped without feeling some ill effects of the credit crisis, with rivals such as Citigroup, UBS, Barclays, Northern Rock and the Royal Bank of Scotland just some of those worst affected.
HSBC Bank Reveal Third Quarter Hits
HSBC Bank Reveal Third Quarter Hits
Mon, 03 Dec 2007
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