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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff Banking correspondent

HSBC warns it could take years to settle Madoff case as bank takes $1.1bn hit

HSBC Bernard Madoff Georges Elhedery Lawsuit London
People walk past a HSBC bank branch in New York City,
HSBC’s profits fell to $7.3bn for the three months to 30 September. Photograph: Mike Segar/Reuters

HSBC has warned it could take years to finally settle a lawsuit over the Bernard Madoff Ponzi scheme, as the bank’s profits fell 14% after it took a $1.1bn (£830m) hit on the 2009 scandal.

The London-headquartered bank’s finance chief issued the warning as the provision for the case dragged on HSBC profits, offsetting a jump in income in the three months to the end of September.

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