Not a bad day at the office.
Bloomberg News reports that HSBC earned about $120m in a single day during Turkey’s financial crisis as it profited from the collapse of the lira, according to a regulatory disclosure made by the bank.
The Turkish currency’s collapse over the summer hit trading profits at some investment banks with exposure to the country, such as Barclays. HSBC, however, benefited from the fall in the lira’s value.
The outsized gains “driven by volatility in Turkish lira spot” were more than twice as big as predicted by HSBC’s market risk models, according to a filing published Tuesday alongside the bank’s full-year results.
Hit the link below to access the complete Bloomberg News article:
Have something to tell us about this article?