HSBC Faces Larger Loans Losses that Could Hit $13 Billion
Posted on 08/03/2020
HSBC Holdings PLC disclosed that its bad debt charges will go further than the previous estimate to US$ 13 billion this year. HSBC reported a pre-tax profit of US$ 4.32 billion for the first six months of 2020. HSBC’s revenues fell 9% in the six-month period. HSBC’s employee headcount has fallen by approximately 4,000 this year.
Bad debt charge estimates went from a US$ 7 billion to US$ 11 billion estimate to US$ 8 billion to US$ 13 billion estimate.