Massive drop in HSBC profits

HSBC, the UK's biggest bank, has seen a massive drop in underlying pre-tax profits in the three months to the end of September.

HSBC, the UK's biggest bank, has seen a massive drop in underlying pre-tax profits in the three months to the end of September.

In 2010 the figure for the third quarter was $4.6bn, this year it is down to $3bn. HSBC blames decreased revenues in its investment banking division, an adverse movement in its hedging strategy of $0.7bn and an increase in loan impairment charges, primarily in North America.

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