But company says third-quarter operating income up from year-ago period, boosted by revenue growth.
HSBC Holdings PLC said Wednesday it was taking a $3.4 billion charge against third-quarter profits because of accelerating losses in its HSBC Finance Corp. mortgage business in the United States.
However, in a trading update the company said that those losses were "more than offset by revenue growth in the group" as a whole and that third-quarter operating income was up compared with a year ago.
There is the probability of further deterioration if the current housing market distress continues and further impacts the broader economy, the company said.
Shares in HSBC gained 4 percent to 877 pence ($18.11) on the London Stock Exchange.
Source - CNN Money
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