Economics
HSBC Feels Asia Slowdown in Loan Drop, Delayed Hiring Plans
- Quarterly loss of $858 million first since at least 2009
- Profit from Asia region fell 14 percent amid China volatility
Is HSBC’s Loss Feeding a Fear in Banking?
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Eight months after HSBC Holdings Plc unveiled a $100 billion bet on Asia, crashing commodity prices and a slowing Chinese economy are checking Stuart Gulliver’s ambitions.
The chief executive officer oversaw his first pretax loss as profit from Asia fell 14 percent to $2.82 billion in the fourth quarter and loans in that region dropped to the lowest in almost two years. The bank also disclosed that its hiring practices in Asia Pacific, like those of other lenders, are being probed the U.S. Securities and Exchange Commission.