(Bloomberg) — HSBC Holdings Plc cautioned that bad loan charges may reach as much as $11 billion this year, the highest since the last financial crisis, as the coronavirus pandemic halts economic activity around the world.Adjusted profit slumped 51% and expected credit losses surged to $3 billion in the first three months of the year, driven in part by a Singaporean client exposure, according to HSBC’s earnings statement Tuesday. The Asia-focused bank also pushed back parts of its restructuring program until at least the end of the year.Newly appointed Chief Executive Officer Noel Quinn’s plan to boost profitability is being …read more
Source:: Yahoo Finance
