HSBC Q3 profit rises on asset sales

November 10 2008 14:17:42

HSBC Q3 profit rises on asset sales

Bloomberg

Markdowns on asset-backed securities were $4.8 billion in the third quarter, the London-based bank said yesterday. HSBC set aside $4.3 billion for U.S. loan defaults. HSBC has lost $38 billion on bad loans from the start of 2006 through the first half of this year.

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