HSBC announced a loss of $17.2bn on those investements which are linked to the credit crisis, this was much higher than expected. HSBC overall annual profits still went up by 10%. All five of the big UK banks have suffered loss through the credit crisis, although HSBC seems to be the hardest hit.
HSBC Chairman Stephen Green said he thought the years ahead looks uncertain. HSBC did see strong growth in the Asian businesses.