Hsbc Runs Up Giant Us Credit Card Bill ; Bank Puts Aside More Than Pounds 3bn a Quarter to Cover Bad Debt
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Summary
HSBC's ill-fated foray into America will come under fire again tomorrow when the bank reports a sharp rise in US bad debt, mostly due to the worsening performance of its credit card business.
The bad debt provision in consumer finance alone could soar to more than $5 billion (Pounds 3.25 billion) for the first three months of the year, up from just over Pounds 2 billion for the same period in 2008. Most is to allow for credit card losses.See the full content of this document
Extract
Hsbc Runs Up Giant Us Credit Card Bill ; Bank Puts Aside More Than Pounds 3bn a Quarter to Cover Bad Debt
HSBC has already admitted that its takeover of US finance group Household in 2003 was a mistake and has closed most of that operat...
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