HSBC sub-prime losses hit $15bn

Europe’s largest bank is now fourth on the list of credit losses, behind the beleaguered Citigroup, UBS and Merrill Lynch. HSBC has also had to make an additional $2.7bn write-down in its Global Banking and Markets arm. However, HSBC says its profit was ahead of the equivalent period last year despite the turmoil in credit markets. "Our performance so far in 2008 demonstrates that HSBC's business resilience in difficult financial markets, our global distribution network, diversified earnings streams and strong capital position are allowing us to support our customers in today's challe...