UK banks seen facing US$41b more in misconduct charges
HSBC tops the list with likely payment of US$15.8b, with RBS and Barclays not far behind
[LONDON] UK banks face an additional US$41 billion of fines and settlements for financial malfeasance including the alleged rigging of currency markets and mis-selling US mortgages, according to Macquarie Group.
HSBC Holdings may incur US$15.8 billion of litigation charges, the most among British lenders, followed by Royal Bank of Scotland (RBS) at US$12.5 billion, analysts led by Edward Firth said at a presentation in London on Wednesday.
Barclays plc's total future liabilities could be US$8.9 billion, with the three banks each predicted to make US$3.5 billion of provisions related to regulatory and civil actions on currency market manipulation.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Japan’s yen up sharply after hitting 34-year low against the dollar
China’s Bank of Communications Q1 profit rises 1.44%
HSBC’s private bank shuts independent asset management business in HK, Singapore
Nomura Q4 net profit jumps almost eight-fold on retail income surge
Rescue pup to meme star: the real-life ‘Dogecoin’ dog
Money laundering accused Zhang Ruijin slapped with 5 more charges days before scheduled guilty plea