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HSBC Says Virus Outbreak May Expand Loan Losses, Lower Revenue

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HSBC CFO: This Is the Right Plan for the Bank

HSBC Holdings Plc said the full impact of the coronavirus outbreak hasn’t fully been accounted for in its report, signaling it may need to raise its expected loan losses further.

The lender said on Tuesday its expected loan losses sank to $733 million in the last three months of 2019, sliding to 0.28% of gross loans and advances. That followed a jump in the third quarter, when the bank ratcheted up anticipated losses as Hong Kong sank into recession following months of pro-democracy protests.