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HSBC has lifted its forecast for expected credit losses this year, following that UK fraud-related $400m charge, and the Iran war.
The bank now expects an ECL [expected credit loss] charge as a percentage of average gross loans to be around 45bps this year, which it says reflects “ongoing uncertainty in the outlook”.
Reeves responded angrily by telling Bessent she did not work for him and disliked how he had spoken to her.
She also reiterated her argument about the Iran conflict lacking clear goals and not necessarily making the world safer.
“This is a war that we did not start. It was a war that we did not want. I feel very frustrated and angry that the US went into this war without a clear exit plan, without a clear idea of what they were trying to achieve. And as a result the strait of Hormuz is now blocked.”
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