The bank generates most of its profits in Hong Kong, where it was foundedThe coronavirus crisis has knocked HSBC significantly harder than expected after a sharp increase in reserves for bad debts, with first-half profits falling 65 per cent . Pre-tax profits fell to $4.3 billion from $12.4 billion in the same period last year, $1.4 billion short of market forecasts. The lender estimates that its total charge for loan losses will reach between $8 billion and $13 billion this year. Revenues fell 9 per cent to $26.7 billion and the bank braced for a sharper decline in the global economy. HSBC, founded in Hong Kong 155 years ago, is Britain’s

Source: The Times August 03, 2020 08:03 UTC