HSBC Shares Fall 7% on Lending Income and Deposit Competition Fears
HSBC shares fell 7%, wiping out more than $20 billion in value, after lower-than-expected lending income and a warning about deposit competition.
By Liam ProudShares in the UK-based fell 7%, wiping out more than $20 bln of value, after it posted lower-than-expected lending income and sounded the alarm on deposit competition. One takeaway is that banks won't benefit much from any further rate hikes. The sector's returns may have peaked.Full…