European bank declines from U.S. loans
From Bloomberg News
Shares in HSBC Holdings, Europe’s biggest bank by market value, headed for their biggest two-day loss in six years amid concern that it may have to hike U.S. bad loan provisions. The stock fell early today in Hong Kong.
HSBC, which bought U.S. sub-prime lender Household International Inc. for $15.5 billion in 2003, has since ousted managers, closed mortgage units and stopped trading mortgage-backed securities.
HSBC may need to add $13 billion for possible sub-prime losses, Goldman Sachs said.
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