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| HSBC takes $4.3bn hit on US loans | |
| (10 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. | 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. |
| Elsewhere, its battered investment banking business took a $600m hit due to credit crunch losses. | |
| 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. | HSBC said its US losses reflected the continuing weak housing market and rising level of unemployment. |
| 'Further deterioration' | 'Further deterioration' |
| The new US losses come on top of a $3.6bn write-down in the second quarter. | The new US losses come on top of a $3.6bn write-down in the second quarter. |
| These are extraordinary times in our industry HSBC group chief executive, Michael Geoghegan class="" href="http://newsvote.bbc.co.uk/1/shared/fds/hi/business/market_data/shares/3/23177/one_month.stm">See HSBC's share price | |
| 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. | 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. | For the nine months ended 30 September 2008, pre-tax profit was lower than in the equivalent period in 2007, it added. |
| Group chief executive, Michael Geoghegan, said: "These are extraordinary times in our industry." | Group chief executive, Michael Geoghegan, said: "These are extraordinary times in our industry." |
| He said HSBC's US results were largely in-line with its expectations, but "current trends point to further deterioration in the near to medium term". | He said HSBC's US results were largely in-line with its expectations, but "current trends point to further deterioration in the near to medium term". |
| The bank said that its asset sales and growth in Asia helped offset the worsening US economy. | The bank said that its asset sales and growth in Asia helped offset the worsening US economy. |
| "These numbers are something of a mixed bag, bringing another set of US home loan write-downs," said Richard Hunter, analyst at Hargreaves Lansdown stockbrokers. | |
| "On the other hand, the contribution from its Asian operations has very much cushioned the blow." | |
| Shares in HSBC fell by 1% to 738.5p in early trading. | Shares in HSBC fell by 1% to 738.5p in early trading. |