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Article: British banks raise hope of recovery
- Article from:
- AP Worldstream
- Article date:
- November 10, 2009
- Author:
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Britain's two biggest banks, HSBC Holdings PLC and Barclays PLC, reported strong investment banking profits on Tuesday and signalled that bad debts may be nearing their peak, raising hopes the worst of the financial crisis is over for them.
The success of HSBC and Barclays in weathering the storm _ both rebuffed a government bailout of the banking system _ contrasts with their beleaguered taxpayer-supported counterparts including Lloyds Banking Group PLC, which on Tuesday announced plans to shed 5,000 more jobs.
HSBC provided the most upbeat trading update, with Chief Executive Michael Geoghan declaring that "the biggest jolt has now passed through the global ...