HSBC: too big to damage

A record fine levelled against HSBC was not enough to stop the bank posting massive profits.

HSBC reported pre-tax profits of $20.6bn for 2012, a 6% drop on the previous year. However, underlying profits, which strip out the impact of movements in the value of its debt, were up 18% to $16.4bn.

The results included the biggest fine ever levied against a bank, a $1.9bn payment to settle accusations of money laundering. HSBC also had to set aside $2.3bn in compensation for mis-selling financial products in Britain. Chief executive Stuart Gulliver received a £1.95m bonus.

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