HSBC has warned that conditions in financial markets are at their toughest “for several decades” after suffering a 28% fall in half-year profits.
Europe’s largest bank saw profits drop by $3.9bn to $10.2bn (£5.2bn) in the first six months of the year, as its North American arm made a $2.8bn loss.
The firm announced $3.7bn in fresh […]

General Motors has reported a net three-month loss of $15.5bn (£7.8bn) as North American sales fell by 20%.
GM took a $3.3bn charge for buying out the contracts of 19,000 hourly workers who left at the end of June.
It also wrote off $1.3bn because of reduced values of big, used cars, which cut the […]

Media reports say the Federal Bureau of Investigation (FBI) inquiry involves the bank’s practice of giving home loans to risky borrowers.
The FBI would not name IndyMac, but said it had widened its investigation of the US sub-prime mortgage industry to 21 firms, up from 19.
IndyMac was seized by US regulators amid fears it was running […]