HSBC Profits

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wen

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Post by wen » Tue Mar 04, 2008 12:40 am
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From BBC.co.uk:

HSBC in $17bn credit crisis loss

HSBC, the UK's largest bank, has said it has made a $17.2bn (£8.7bn) loss after the decline in the US housing market hit the value of its loans. But its annual profits still rose 10% to $24.2bn (£12.2bn), up from $22.08bn the year before.

The write-down is the largest of the big-five UK banks because HSBC has large operations in the US.

The bank said the global financial system had come under "extraordinary strain" in 2007.
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So just the £3.5billion in profits this year...... and I feel guilty about having a £1,500 overdraft written off!!
Please visit my blog http://adam.blogs.iva.co.uk/
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Adam Davies

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Post by Adam Davies » Tue Mar 04, 2008 10:00 am
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Hi
It does put a perspective on things !!
HSBC until recently had a 40p hurdle rate for IVAs.
Regards
Andam Davies
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