After a dismal first quarter for US banks which saw a surge in loan loss reserves, if not nearly enough to offset the default wave that is coming...{image}... it was the turn of Europe's mega banks to "open the kimono" so to speak, and what they revealed was not pretty. On Tuesday morning, European banking giants HSBC Holdings and Banco Santander, took the biggest hits so far among European banks struggling to contain the impact of the coronavirus on their loan books, with the U.K.-based lender expecting as much as $11 billion of damage this year because of the outbreak. HSBC slashed its first-quarter profit in ... (full story)