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Euronews

Eleanor Butler

HSBC sees 14% profit drop after provision hit from Madoff lawsuit

HSBC Bernie Madoff Lawsuit Richard Hunter

Europe’s largest lender HSBC announced a 14% year-on-year decline in third-quarter profits on Tuesday.

Pre-tax profits fell to $7.3 billion (€6.26bn) over the period, largely due to a $1.1bn (€943.65 million) provision related to the Madoff fraud case.

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