Monday, Mar 05, 2007
The guys at the top are still drowning in money!
Times Online: US bad debt charges set to haunt HSBC for three years
HSBC has admitted it will take up to three years to sort out the troubled US sub-prime mortgage business, which last month prompted Europe’s biggest bank to issue the first profit warning in its 142-year history.
On unveiling a record $10.6 billion (£5.51 billion) bad debt charge, $6.7 billion of which came from North America, Mike Geoghegan, HSBC’s chief executive, conceded: “It will probably take two to three years to work this out.”
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