“HSBC Holdings Plc (HSBA) said it’s likely to face criminal charges from U.S. anti-money laundering probes and the cost of a settlement may “significantly” exceed the $1.5 billion the bank has set aside.
The bank made an additional $800 million provision in the third quarter to cover the costs of the investigation, adding to the $700 million it had already earmarked. HSBC also put aside more than $357 million in the period to compensate U.K. clients wrongly sold payment-protection insurance on loans as it posted an increase in pretax profit that missed analysts’ estimates.”
If you enjoy the content at iBankCoin, please follow us on Twitter
