HSBC Takes $3.4B Hit

Published November 15, 2007, 3:00 p.m. EST

1 Min Read

HSBC Holdings PLC, London, is taking a larger-than-expected $3.4 billion third-quarter loan impairment charge, $700 million of which is related to unanticipated U.S. real estate-secured declines, but the company says the negative developments would be "more than offset" by revenue growth in other areas.U.S. subsidiary HSBC Finance Corp., Prospect Heights, Ill., said in a Nov. 14 report that it has seen a "marked increase in delinquencies" in mortgages originated by its retail branches. The nonmortgage portion of HSBC Holdings' overall loan impairment charge was "largely due to branch unsecured loan and cards portfolios," according to the company. HSBC can be found on the Web at http://www.hsbc.com.

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