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Europe's biggest bank HSBC reported a 28 percent fall in its first-half profit, in line with forecasts. A $14 billion hit on bad debts on U.S. home loans and asset writedowns offset strong Asian growth. HSBC said pretax profit in the six months to the end of June was $10.2 billion, down $4 billion from a year before. HSBC Chairman, Stephen Green. SOUNDBITE, HSBC Chairman Stephen Green saying (English) I think that these results have got to be seen in the context of the fact that this is the worst period of financial turbulence for at least a generation. Yes, of course, the profits are down. Yes, we're not immune to the difficulties posed by the market turbulence but when you stand back from the short-term difficulties, I think it's also important to say to ourselves two things: one, we've had a very robust set of results in all of the circumstances; and two, we're pursuing, we're implementing a strategy which is as valid as ever and which will...
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Money woes hit HSBC

Europe's biggest bank HSBC reported a 28... (more)
Channel:MediaScrape Category:Business Views:6
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