The Traderszone Network

Published in TZ Latest News 23 February, 2015 by The TZ Newswire Staff

HSBC may face extra $1 billion in FX fines, U.S. compensation costs

HSBC Holdings Plc (HSBA.L) has set aside $550 million more to cover potential fines for alleged manipulation of foreign exchange markets and warned it could face a $500 million bill to compensate U.S. customers sold debt protection products. HSBC said in its annual report on Monday it had paid restitution to some U.S. customers in connection to debt protection and other products offered before May 2012. HSBC paid $611 million to U.S. and UK authorities in November when it was one of six banks fined for alleged manipulation of FX markets.

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