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HSBC's US write-downs hit $4.3bn HSBC's US write-downs hit $4.3bn
(30 minutes later)
Losses at Europe's biggest bank, HSBC, relating to the US housing market crisis reached $4.3bn (£2.7bn) in the third quarter - up by $700m. Losses at Europe's biggest bank, HSBC, relating to the US housing market crisis reached $4.3bn (£2.7bn) in the third quarter.
The unprecedented turbulence in financial markets continued to present "enormous challenges", the bank added.The unprecedented turbulence in financial markets continued to present "enormous challenges", the bank added.
HSBC said it was still unclear whether there were "further risks to be uncovered" in the financial sector.HSBC said it was still unclear whether there were "further risks to be uncovered" in the financial sector.
The bank recently announced it was cutting 1,100 jobs worldwide because of the current financial turmoil.The bank recently announced it was cutting 1,100 jobs worldwide because of the current financial turmoil.
HSBC said its US losses reflected the continuing weak housing market and rising level of unemployment.
Elsewhere its battered investment banking business took a $600m hit due to credit crunch losses.
In a trading statment, HSBC said its profit for the third quarter was higher than during the equivalent period in 2007, without giving precise figures.
For the nine months ended 30 September 2008, pre-tax profit was lower than in the equivalent period in 2007, it added.
The bank said that its asset sales and growth in Asia helped offset the worsening US economy.