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.
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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
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Steve Webb: The triple lock is there to do a job. I’m not embarrassed or ashamed of itThe triple lock means 13 million pensioners will now get an above-inflation state pension boost in April. While the rising cost of the policy has stirred controversy, Steve Webb, who served as pensions minister when it was introduced, argues the triple lock is vital and should stay. Webb speaks to Kalpana Fitzpatrick on the new episode of MoneyWeek Talks – out now.
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