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| HSBC's US write-downs hit $4.3bn | HSBC's US write-downs hit $4.3bn |
| (30 minutes later) | |
| Losses at Europe's biggest bank, HSBC, relating to the US housing market crisis reached $4.3bn (£2.7bn) in the third quarter. | |
| The unprecedented turbulence in financial markets continued to present "enormous challenges", the bank added. | The unprecedented turbulence in financial markets continued to present "enormous challenges", the bank added. |
| HSBC said it was still unclear whether there were "further risks to be uncovered" in the financial sector. | HSBC said it was still unclear whether there were "further risks to be uncovered" in the financial sector. |
| The bank recently announced it was cutting 1,100 jobs worldwide because of the current financial turmoil. | The bank recently announced it was cutting 1,100 jobs worldwide because of the current financial turmoil. |
| HSBC said its US losses reflected the continuing weak housing market and rising level of unemployment. | |
| Elsewhere its battered investment banking business took a $600m hit due to credit crunch losses. | |
| In a trading statment, HSBC said its profit for the third quarter was higher than during the equivalent period in 2007, without giving precise figures. | |
| For the nine months ended 30 September 2008, pre-tax profit was lower than in the equivalent period in 2007, it added. | |
| The bank said that its asset sales and growth in Asia helped offset the worsening US economy. |