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Banking giant HSBC warned today that the turnaround of its US business may take until the end of 2009, as it unveiled a $17.2 billion (£8.7 billion) hit from bad debt and loan provisions.
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HSBC takes $18bn credit crunch hit
GLOBAL banking giant HSBC said overnight that it had to take a massive $US17 billion ($18.26 billion) hit on its exposure to the collapsing US housing market and the resulting global credit crunch.
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Jeremy Warner's Outlook: Asian boom saves HSBC from US woes
The banking season drew to an ignominious conclusion yesterday with news of an eye-popping $17.2bn bad debt provision from HSBC for last year – far and away an all-time record for a UK bank. The shock of this truly humongous impairment charge is scarcely reduced by the fact that it had been well anticipated by banking analysts.
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HSBC posts record profit despite huge jump in bad debt to $17bn
HSBC's shares rose strongly yesterday as growth in Asia and emerging markets helped the bank achieve record annual profits, despite bad debts surging to more than $17bn (£8.6bn).
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