As US regulators turn up the heat in accusations of international banks that have allegedly laundered funds of sanctioned nations, global lender HSBC appears to be looking for a way out.
The bank is apparently in talks with the Manhattan District Attorney to reach a settlement as early as September, according to Bloomberg sources.
Standard Chartered already agreed to pay $340m to settle claims of hiding transactions.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
HSBC already set aside $700m back in July as a provision against such fines. If Europe's largest bank actually paid the entire amount it would be the largest US settlement over such accusations so far.
HSBC was trading down 1.00% at 553.50p on Friday morning.
JM
