 Despite the problems, massive profits are expected. |
The head of North American operations at banking group HSBC has quit - a week after it warned on profits at its US housing business. Bobby Mehta is leaving the role immediately, the company said.
HSBC had said its bad debt provisions for 2006 would be about $10.5bn (�5bn) - 20% higher than expected - due to a slowing US housing market.
Many people who took out large mortgages with HSBC, are now finding it hard to repay such loans.
Homeowners had fewer ways of refinancing loans because property prices were not rising, it added.
Mr Mehta had roles at both HSBC Finance - the bank's consumer finance division - and HSBC North America.
He is to be replaced at HSBC Finance by Brendan McDonagh who was chief operating officer at the unit.
One-Minute World News 
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