HSBC Looks on the Bright Side

Ever wondered what happened to the HSBC Merrill Lynch joint venture to bring private banking to the mass affluent? The HSBC results half year results announced today include a provision of $23 million for the bank's share of operating losses

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Ever wondered what happened to the HSBC-Merrill Lynch joint venture to bring private banking to the mass affluent? The HSBC results half-year results announced today include a provision of $23 million for the bank’s share of operating losses in the wealth management scheme, and the assurance that “these costs have been significantly reduced from prior years.” Still, that blast from the Dot Com past still looks cheap by comparison with the $600 million hit the bank took on Argentina. Fortunately, at least for non-students of the economics of truth, there is the comforting news from Group Chairman Sir John Bond that “in our global custody business we again increased market share in Asia and reinforced our position as the largest UK based custodian.”

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