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Evening Standard
Evening Standard
Business
Holly Williams

HSBC profits slump 14% after Madoff legal hit

HSBC Bernard Madoff United States US Dollar
HSBC revealed it would set aside 1.1 billion US dollars for legal costs related to the Bernard Madoff investment fraud claims (PA) - (PA Wire)

HSBC has seen its quarterly profits drop 14% after a “disappointing” 1.1 billion US dollar (£827 million) hit from a lawsuit relating to the Bernard Madoff investment fraud.

The London-headquartered banking giant reported pre-tax profits of 7.3 billion US dollars (£5.5 billion) for the third quarter, down from 8.5 billion US dollars (£6.4 billion) a year earlier.

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