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HSBC issues shares, cuts jobs as losses mounts

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HSBC issues shares, cuts jobs as losses mounts


HSBC, Europe’s biggest bank is taking drastic measures to offset heavy losses. The British company is trying to raise the equivalent of 14 billion euros through a rights issue in the UK.

Shares are being offered at a discounted rate amid a drop of 62 percent in profits. HSBC also said it would shut most of its U.S. consumer lending business, cutting 6,100 jobs. The bank was hit hard in the subprime crisis through the purchase of mortgage provider Household. But HSBC says it is ready for acquisitions in its traditional stronghold of Asia where many banks are pulling out to focus on their core markets.

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