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HSBC, the largest bank in Europe, made the claim after it revealed it had suffered a 28 per cent drop in half-year profits, according to the Times.
Profits at HSBC stood at $10.2 billion (£5.1 billion), a drop of $3.9 billion.
Meanwhile, the firm's North American arm made a loss of $2.8 billion.
HSBC is among the banking giants who have been worst affected as the credit crunch begins to bite with a vengeance.
It has also been revealed that HSBC is hoping for a reduction in the $6.3 billion price it agreed to pay to take control of the Korean Exchange Bank.
HSBC chairman Stephen King said "the real economy will recover from this crisis, although it may get worse before it gets better".
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