5 November 2012 Last updated at 03:47 ET
HSBC bank has put aside a further $ 800m (£500m) to cover potential money-laundering fines in the US as it announced a fall in quarterly profits.
The bank had already put aside $ 700m after a US Senate report published in July said lax controls had left it vulnerable to money laundering.
Pre-tax profit for the three months to the end of September was $ 3.5bn, down $ 3.7bn from a year earlier.
However, the bank said underlying profits in the quarter had increased.
They totalled $ 5bn, more than double the figure recorded for the same quarter a year ago.
Europe’s largest bank also put aside a further £223m to cover UK payment protection insurance (PPI) mis-selling claims. This brings the total the bank has set aside for PPI compensation to £1.3bn and the total for the UK banking industry as a whole to almost £13bn.
BBC News – Business
HSBC earmarks more for US fines
This article
HSBC earmarks more for US fines
can be opened in url
http://stylenewster.blogspot.com/2012/11/hsbc-earmarks-more-for-us-fines.html
HSBC earmarks more for US fines
