HSBC, the subprime seer: sanguine view isn't likely

Article Abstract:

UK financial services firm HSBC Holdings PLC is expected to increase its reserves for its mortgage unit to counter the effects of bad US subprime loans. The increase of $2.4 bil would bring reserves to $4.5 bil. Analysts had originally predicted losses totaling 8% for HSBC's loan portfolio of $41.4 bil; the amended figure is now set at 14%.

HSBC Holdings PLC, Financial report

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Banks' SIVs, emerging from shadows: U.K. filings show vehicles provided rich profit streams

Article Abstract:

UK regulatory filings have revealed how structured investment vehicles (SIVs) generate significantly high profits for investors and the companies and banks that create them. The current credit crisis has prompted Citigroup Inc. and other banks to seek funds for rescue packages for existent SIVs.

United Kingdom, Methods, Investments, Citigroup Inc., C, Investment management

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First Union to further slash annual costs

Article Abstract:

First Union Corp. is planning to reduce costs by an additional $400 million (426 million euros) a year. The cost reduction plan shows the firm is continuing to struggle with integrating banks that it purchased in the 1990s.

United States, Financial Holding Companies, Offices of Bank Holding Companies, Holding Offices, First Union Corp., FTU

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