Companies

Mar 3: HSBC - a tale of two banks

Banking editor, Peter Thal Larsen, explains there are two sides to HSBC's fortunes. In the US, the crisis in subprime mortgages led to more than $11bn of loan losses last year, and the risk of more trouble is closely tied to the fortunes of the US economy. By contrast, he tells Rob Minto of FT.com, that HSBC balanced out the US shortfall with strong growth elsewhere, especially in the emerging markets of Latin America and Asia. However, he says there may be regulatory delays on HSBC's deal to buy a controlling stake in Korea Exchange Bank.