fintech / news / / The Guardian
London-headquartered bank said profits fell 4% in the first three months of the year.
HSBC took a $1.3bn charge for potential loan losses in Q1, including $300m from Middle East conflict.
KEY POINTS
- The bank disclosed a $400m fraud-linked loss related to secondary securitisation exposure in UK private credit.
- HSBC's $6bn private credit exposure is small relative to its $1tn balance sheet, per CFO Kaur.
- HSBC is increasing due diligence after realizing secondary exposure to private credit fraud risks.
- HSBC shares fell over 5%, making it the FTSE 100's biggest loser on Tuesday morning.
COMPANIES
Summarized by Newsio from The Guardian. How we summarize →