HSBC takes massive hit from Poundland parent’s accounting scandal and Carillion collapse
The collapse of Carillion and an accounting scandal at the parent of Black Country-based retailer Poundland have together resulted in HSBC taking a $500m hit to profits.
Announcing its full year results, the bank revealed that two large corporate exposures in Europe had resulted in it having to make the impairment charge.
The bank did not disclose which companies were involved but Sky News has reported the two are the Wolverhampton-based construction group, which collapsed last month, and Steinhoff, which acquired Poundland in 2... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
