HSBC Profit Declined: Bank Reports 14% Drop After Setting Aside Funds for Madoff Lawsuit
HSBC Profit fell 14% in the third quarter after the bank set aside a large provision to cover a lawsuit tied to the Bernie Madoff fraud. The move cut into pre-tax profits, even as core banking income rose across markets. This article explains what happened, why it matters, and how markets reacted. HSBC Profit Falls…