HSBC lost money
Amongst many banks in the UK it’s largest which is HSBC has reported a loss of £8.7bn after a decline in the US housing market affected the value of its loans.
Despite this credit crisis which is expected to get worse before it gets better the bank did experience strong growth in Latin America, Middle-East and Asia.
A number of problems have recently hit the US which includes a decline in the housing market and and increase in unemployment. HSBC has said that it is trying to alleviate losses in the US market as there has been an increase in mortgage and credit card payments not being made.
*******Update 04/03/08 **********
HSBC has announced a boardroom reshuffle today and 3 of its non executive members are to step down later this year. This shows that the bank is serious about business and should help reassure its shareholders.
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yo i got hsbc innit, does that mean i lose money too? sort it out bro!
HSBC – pah!