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
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[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.
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