The Financial Blog

http://www.hsbc.co.uk has lost out to the tune of £8.7 billion because of their involvement in the US sub prime mortgage market.  Annual profits were still up 10 per cent on last year to £12.2 billion dispite this loss.

HSBC Chairman, Stephen Green, said; ‘The outlook for the rest of 2008 is uncertain.’

‘The economic slowdown and the credit outlook in the US may well get worse before they get better.’

HSBC has branches in the USA and it says that business there is challenging due to current market conditions, mainly the downturn in the housing market and rising unemployment. It’s because of HSBC’s large involvement in the USA that the write down of £8.7 billion is the highest of the UK’s big 5 banks.

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This entry was posted on Monday, March 3rd, 2008 at 3:48 pm and is filed under Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.