LONDON, Nov 29 (Reuters) – HSBC (HSBA.L) said its Chief Executive Noel Quinn has written down the bank as the downturn in China’s real estate market led to bank writedowns in recent quarterly results. ) said on Wednesday it was well prepared for further losses in Chinese real estate. .
Quinn reiterated that China’s real estate market has bottomed out, but said fallout could cause some banks to suffer further losses.
“We feel very well prepared,” Quinn said at the Financial Times’ Global Banking Summit event in London.
HSBC’s CEO also announced that the bank’s employees will not be allowed to carry mobile phones, following media reports that some Western companies have encouraged employees to bring in cell phones in light of heightened security concerns. The company said it would not bring burner phones into Hong Kong, where thousands of its customers are based.
Quinn said he brought two mobile phones, two iPads and a laptop to Hong Kong and mainland China, but said the number of devices reflected the split between business and personal devices. .
Reporting: Lawrence White, Writing: Ian Withers, Editing: Sinead Crews
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