The paths of these two stars have intersected on several occasions due to their association with the luxury brand Bulgari
The lender made a $1.3 billion provision in the first half to compensate British clients wrongly sold payment-protection insurance and derivatives, HSBC said in a statement on Monday.
The bank also posted an 8.3 per cent drop in net income. It also made a $700 million provision for US fines after a Senate committee found the bank gave terrorists, drug cartels and criminals access to the US financial system, a sum chief executive officer Stuart Gulliver said may increase.
“Regulatory and compliance events in the first six months of the year overshadowed financial performance,” chairman Douglas Flint said in a statement on Monday.
“HSBC has made mistakes in the past, and for them I am very sorry,” he added. HSBC, like its British competitors Barclays Plc and Lloyds Banking Group Plc, has been ordered by regulators to compensate clients sold interest-rate swaps that cost them money and insurance on mortgages and credit cards they didn’t require.
The lender apologised on July 23 to US Senators for anti-money after the bank was accused of giving terrorists, drug cartels and criminals access to the US financial system. HSBC is also one of more than a dozen named in probes into the manipulation of the London interbank offered rate, for which competitor Barclays was fined a record £290 million ($456 million) last month.
Net income fell to $8.44 billion from $9.2 billion a year earlier, missing the $9.1 billion median prediction of 10 analysts surveyed by Bloomberg. Total operating income rose 3.2 per cent to $43.7 billion.
HSBC rose as much as 1.3 per cent and was up 0.4 per cent at 533 pence at 533 pence at 11:10 am, lagging the 1.9 per cent gain in the Bloomberg Europe Banks and Financial Services Index.
The bank’s European unit had a pretax loss of $667 million compared with a profit of $2.15 billion in the year-earlier period.
HSBC said the economic outlook in the region will be “subdued.” —
The paths of these two stars have intersected on several occasions due to their association with the luxury brand Bulgari
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