HSBC warns over rising bad debts in US

HSBC shares were under pressure today after the banking giant increased the amount of money set aside to cover US borrowers defaulting on their mortgages.

HSBC warns over rising bad debts in US
Thu, 08 Feb, 2007 - 09:34

HSBC shares were under pressure today after the banking giant increased the amount of money set aside to cover US borrowers defaulting on their mortgages.

In a surprise announcement on Wednesday night, HSBC said group bad debt provisions for 2006 would be 20%, or 1.7 billion US dollars (£878m/€676m), higher than expected in the City.

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