first_img Europe’s biggest bank HSBC said profits so far this year were “well ahead” of 2009 levels with losses on bad loans hurting less than at any point since the onset of the credit crisis in 2007.HSBC , which named a new chairman and chief executive six weeks ago after a damaging boardroom power struggle, said loan impairments in the third quarter fell to their lowest quarterly level since early 2007.However, chief executive Michael Geoghegan warned of new UK and European regulation for the banking sector.To avoid unintended consequences it was “very important to maintain a level playing field globally,” he said.“It is… of some concern that the EU and UK appear to be going further than others in contemplating measures which would have a wider global impact,” he said.He warned of “regulatory arbitrage”, a term used to describe financial services companies moving their operations to countries with the most favourable banking regimes.“In the UK, a levy on the global balance sheets of UK-headquartered banks effectively places a tax on their emerging growth.”Trading revenues for Global Banking and Markets (GBM), its investment banking arm, were lower in the latest quarter than a year ago, but remained high by historical standards, the bank said, noting seasonal factors and more subdued market sentiment.GBM made a first-half profit of £3.4bn, its second best half ever. John Dunne Share whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Show Comments ▼ HSBC profit on the climb but warns over regulation center_img whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Friday 5 November 2010 5:55 am Tags: NULLlast_img

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