HSBC is trying to turn the tables on its critics with a bold 12.5 billion $17.7 billion rights issue net of expenses and plans to close its loss-making consumer finance unit in the US. The fresh funds will strengthen its capitalisation and enable it to win market share from its weakened multinational rivals, the bank claims, while closing the consumer finance operation will stop the flow of losses once and for all.
Investors were not impressed, however, and its share price hit a 52-week low during London trading on Monday. At the end of the session the bank had lost 18.8% of its market value and closed at 399 pence. ...
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