Growing costs for HSBC's laundry list of problems - The Buzz - Investment and Stock Market News
HSBC reported Monday that it turned a profit of $5 billion in the
third quarter, a figure held down by the scandal-plagued bank's efforts
to absorb a series of fines and penalties.
The London-based firm set aside $800 million to pay fines that may
result from the bank's alleged links to drug cartels and terrorist
groups. In the second quarter, the bank set aside an initial $700
million for the same purpose.
In July, a U.S. congressional committee issued a report detailing a lack of oversight at HSBC which resulted in thousands of suspicious transactions with clients of dubious repute.
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