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HSBC is cutting back in the U.S. after its 2003 purchase of Household International Inc. required it to set aside more than $65 billion for bad loans

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HSBC Finance may give HSBC another big loss

HSBC may report a second straight loss after setting aside $15.3 billion, mainly for consumer loans that soured in the U.S., according to Bloomberg. Household International just keeps getting better and better for those who like red ink and losses.

The first-half net loss probably will be $600 million, compared with earnings of $7.72 billion a year earlier, according to the median estimate of seven analysts surveyed by Bloomberg. London-based HSBC had a $2 billion loss in the second half of 2008 after bad-loan provisions increased 37 percent.

HSBC is scheduled to report its latest results on August 3rd, when we will know for certain.

Posted By Timothy Blake

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UPDATE NOTE: HSBC car loans were sold to Santander USA in 2010 :: Most HSBC credit cards became Capital One credit cards in 2012 :: HSBC horrible predatory home mortgages are in run-off