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HSBC losses narrow in 2009

HSBC Bank USA N.A., the Rochester market leader in local deposits, on Monday reported losses of $142 million in 2009, compared with losses of nearly $1.69 billion in 2008.

The improvement is the result of revenues of $7.85 billion that doubled those of 2008, the bank reported. The bank, the U.S. banking subsidiary of London-based HSBC Holdings PLC, did not report quarterly earnings.

HSBC Holdings reported 2009 profits of $6.7 billion, up 3 percent from $6.5 billion in 2008.

The bank was profitable in all regions except North America—including the United States and Canada—but performance was constrained by lower demand and other factors.

The bank said it expects emerging markets to grow three times faster than developed markets in 2010.

HSBC Bank USA ranks first in deposit market share in Rochester at nearly $3.2 billion, data from the Federal Deposit Insurance Corp. shows. It employs 461 at 39 offices in the area.

(c) 2010 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail [email protected].

 

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