HSBC Raises $17.7 Billion; Hopes to Sell Real Estate in London and New York

Posted on | April 15, 2009 | 1 Comment

British bank HSBC raised an astounding $17.7 billion in the stock market and is hoping the property market gives them an opportunity to raise even more cash.  HSBC believes cash is still king in the banking sector.  No shit?  A bank, cash?  I would have never guessed!  Maybe the British banking giant can help rely this message to Ken Lewis and Vikram Pandit because they seem to have no idea whats going on.

HSBC hopes to raise an additional $4 billion by selling London, New York and Paris offices.  What a novel idea, not only get rid of some of the excess fluff as far as employees, do the same thing as far as real estate.  Maybe we can get the board of directors of HSBC to visit all the major worldwide banks and give them a lesson on how to run a business without government help, aka sell all the excess shit you’ve got.

We will see how this works out for HSBC, who got deeply involved in the subprime mortgage crisis, but at least they are taking action rather than waiting around for the government to bail them out.

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