Bad debt charges could reach $13bn in 2020, HSBC warns
HSBC’s UK business has been hit particularly hard, as it took a $1.5bn charge against expected credit losses
03 August 2020 - 17:07
London/Hong Kong — HSBC warned its bad debt charges could blow past a previous estimate to $13bn in 2020 and said its profits more than halved, as the coronavirus pandemic hammered the bank’s retail and corporate customers worldwide.
The results from Europe's biggest bank by assets on Monday reinforced the trend of lenders across the world increasing their buffers to absorb souring loans at a time when companies — from aviation to retail and hospitality sectors — are reeling from the effects of Covid-19...
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