World Economy

Extra $1b in FX Fines

Extra $1b in FX FinesExtra $1b in FX Fines

HSBC Holdings Plc has set aside $550m more to cover potential fines for alleged manipulation of foreign exchange markets and warned it could face a $500m bill to compensate US customers sold debt protection products, Reuters reported. HSBC said in its annual report on Monday it had paid restitution to some US customers in connection to debt protection and other products offered before May 2012. It said additional remediation for this issue “may lie in a range from zero to an amount up to $500 million.” HSBC paid $611m to US and UK authorities in November when it was one of six banks fined for alleged manipulation of FX markets.