joining us is ewen stevenson, cfo of hsbc. we've got lots to discuss, but let's start with the credit losses. 2020 credit losses could swell to seven to $11 billion. how robust is the guidance at the moment given the uncertainty around how bad the impact of coronavirus could be? a resolve the us we a great degree of uncertainty around the range. we saw $3 billion of expected credit losses in the first fourfold on last year. the seven to 11 range is an estimate on what we can see. durationndent on the and economic impact of the coronavirus during the remainder of the year. manus: good morning to youmanus: . scenariothe worst case , the tencent elevens, what 11's, what's and needs to go right? -- we are we need already seeing it in china and hong kong, the start of a the coronavirus in terms of the harsher economic impacts. europe and the u.s. is going to go through a very difficult second quarter and i think it will depend very much on the degree of recovery we see into the fourth quarter later this year. nejra: we also underst

hsbc,that was the cfo of you and stevenson -- ewen venson. we will speak to the ceo of santander, jose antonio garcia cantera. theme of the earnings reporting season, it would seem. we will discuss that with him next. this is bloomberg. ♪ ♪ anna: welcome back to "bloomberg markets: european open." santander has reported the highest provisions by a bank on europe soent of far as it tries to estimate the loan losses it will have to dure. -- en joining us now is jose antonio ofcia cantera, the cfo banco santander. how difficult is it to come up with the provisioning given the unprecedented situation we are in right now? jose: good morning and thank you for having me again. the situation is evolving quickly so it's difficult to predict outcomes. we are operating in 10 different countries. the crisis will hit these countries probably with different deaths. it's difficult to predict. -- will show its benefits this time around. anna: indeed. diversification helps. what about exposure to small and medium-size businesses? what are you seeing in yo