According to daily banking industry news Industrial and Commercial Bank of China (ICBC) has overtaken HSBC as the world’s most profitable bank. HSBC slipped from its leading position with net profit of $7.72 billion for the six months to the end of June, down nearly 29% (from $10.9 billion) in the same period of 2007. It’s not like we didn’t warn HSBC in 2003. We sent four letters to the OCC, and thus HSBC, during the Household International open comment period.
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