HSBA has taken a $1.15 billion hit to cover a potential U.S. fine for lax anti-money laundering controls and to pay compensation for mis-selling products in Britain, eating into its quarterly profit.
While HSBC's earnings were helped by a sharp drop in bad debts, it set aside $800 million to cover a potential fine from U.S. regulators for breaches in anti-money laundering controls in Mexico, adding to $700 million put aside in July.
HSBC, Europe's biggest bank, said on Monday no agreement had been reached with U.S. authorities and the final resolution will likely involve criminal as well as civil charges.
It said there was a high degree of uncertainty estimating the final cost and it was possible the amount will be significantly higher.
The bank reported an underlying profit - after stripping out the impact of disposals and changes in the value of its own debt - in the July-September quarter of $5.0 billion, up from a revised $2.2 billion a year earlier.
- 1Japanese Stocks Day Trader Made $34 Million
- 1Oil Price Jumps Most in Three Years on Faster U.S. Economic Growth
- 1Wall Street stocks surges for second day on strong GDP data
- 1Forex Market Biggest Day in Years as Investors Flee Risk
- 1Black Monday because of China sinks world stocks and Forex Market
- 1The Fed Is Looking at a Very Different Dollar Than Wall Street
- 1Oil Price sinks 4 percent and hits new low on China
- 1Who's Next in the Currency Market's Race to the Bottom?
- 1U.S. Existing home sales rise to eight-year high
- 1Nigeria Vows to Fight Forex Betting on Naira Devaluation
Follow ForexSQ on Social Networks
adp apple asia stocks asian stocks australian dollar bank of england bank of japan bernanke best forex news boe boj bonds canadian dollar china china economy crude oil currencies currency currency news currency trading dollar dollar index dow dow jones draghi ecb economy economy news egypt eur eur/usd euro euro crisis euro zone europe stocks european central bank european stock markets european stocks eurozone eurusd facebook fed federal reserve fomc forex forex news forex trading forex trading news franc fx fx news gbp/usd germany gold gold price google greece grexit imf iphone japan jpmorgan merkel nasdaq nfp obama oil oil price oil prices opec payrolls pound price of oil putin ruble russia s&p 500 spain stock stock futures stock market stocks swiss franc u.s dollar u.s. dollar u.s. economy u.s. stock u.s. stock futures u.s. stocks ukraine unemployment rate us dollar us economy us stocks usd usd/jpy wall street yellen yen yuan
“Yes, Dollar is stable and fix and it is useful for...”
“there is no gold savior anymore...”
“i think us stocks has bubble these days...”
“Federal Reserve want to have more control on banks...”
“actually forex traders know more about ite...”
“i know grexit will destroy euro 1finally...”
“most of forex traders shocked by euro falling...”
“oil prices will fall down more...”
“unexpectedly good nfp news for US dollar...”
“swiss national bank destroyed the forex market by its false decision...”