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Swiss bank's problems erode HSBC's profit and reputation
Swiss unit, with 2008 profit of US$553m, in red in 2013; number of accounts falls to 10,343 in 2014 from 30,000 in 2007
Add BT as a preferred sourcePublished Thu, Feb 12, 2015 · 09:50 PM
London
HSBC's Swiss private bank has seen a steep drop in profits since 2008 and even fell to a loss in 2013, showing how problems in the business have hit the British bank's bottom line as well as its reputation.
Its Swiss private bank lost US$291 million in 2013, the last set of published full-year results, and only scraped a US$14 million profit in the first half of 2014. HSBC is due to release 2014 full-year results on Feb 23.
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