The bank is expected to say that it is further shrinking HSBC Finance Corporation, its US-based credit card and mortgage lender, which has suffered mounting losses as a result of the subprime mortgage meltdown and subsequent US recession.
The London-based company is also expected to write off much of the goodwill on its balance sheet associated with the business, which it bought for $14bn in 2003, though this charge does not affect its capital position.
The US subprime consumer lending operations will be closed to new business, people familiar with the issue said, although the unit will continue to issue credit cards to existing borrowers with poor or patchy credit history.
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