"What we have seen this quarter is quite a sharp shift in the economic
outlook for the global economy, the famous 'V' has got a lot sharper,
and as a result, we have materially increased our provisions," CFO Ewen
Stevenson told Reuters.
Investors were spooked after HSBC increased the range of loan losses
to $8 billion-$13 billion from $7 billion-$11 billion, reflecting a
challenging second quarter and even more challenging, well, future
quarters. Bloomberg Intelligence
said the new credit loss guidance for 2020 was $2 billion more at the
top end, while Jefferies said the bank's management "unhelpfully"
increased the range of credit loss guidance
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