HSBC said to reveal additional $1 Billion in bad debts
Iain Dey of the Telegraph reports that HSBC will this week reveal a further $1bn (£475m) of bad debts stemming from its American mortgage business, amid mounting fears that the full impact of the global credit crunch has yet to wash up on British shores. You can see the full article here. Dey also says “HSBC will reveal the additional provisions alongside third-quarter results from its US business this week. The bad debt charges follow last year’s $10.6bn hit, which forced HSBC into the first profits warning in its history.”
soem seem to think HSBC got our in front of their problems and firing a few managers solved future problems. That is not the case. In fact some close to the situation believe HSBC will take bigger losses as people begin to default on their credit cards.
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[…] HSBC siad to reveal additional $1 Billion in bad debts Iain Dey of the Telegraph reports that HSBC will this week reveal a further $1bn (£475m) of bad debts stemming from its American mortgage business, amid mounting fears that the full impact of the global credit crunch has yet to wash up on British shores. You can see the full article here. Dey also s… […]
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[…] HSBC siad to reveal additional $1 Billion in bad debts Iain Dey of the Telegraph reports that HSBC will this week reveal a further $1bn (£475m) of bad debts stemming from its American mortgage business, amid mounting fears that the full impact of the global credit crunch has yet to wash up on British shores. You can see the full article here. Dey also s… […]
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