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.