HSBC Bucks Bad Bank Trend
HSBC Bucks Bad Bank Trend (YahooFinance)
At a time when U.S. banking giants like JPMorgan Chase and Bank of America are being held out to dry by regulators and investors alike, Europe’s largest financial institution, HSBC, recorded a 10 percent profit for Q3. Tighter controls and fewer bad loan losses were credited with producing the profit. HSBC reported pretax profit of $5.1 billion — up 30 percent mainly on strength from Hong Kong and England. According to Chief Executive Stuart Gulliver, “There are signs for optimism around…” Unfortunately, before investors jump into HSBC with both feet, they should know that this bank is also facing investigation for the possible manipulation of trading in the currency market. But then, which bank isn’t being investigated for something?