Profit For HSBC Despite Large Fines

Profit For HSBC Despite Large Fines

HSBC have put aside £445m ($700m) in anticipation of the fines it faces for the 'shameful' systems that allowed the bank to launder money for terrorists and drug barons.

Staff who allowed billions of dollars to be funnelled through the system can expect their bonuses to be clawed back said HSBC chief executive, Stuart Gulliver, who also confirmed people would be disciplined.

It comes as the bank reported a rise in profits to $12.7bn , even when provisions for past mistakes, including the mis-selling of payment protection insurance (PPI),  had been taken into account.  Gulliver said:

"I very much regret HSBC's past failures and very much apologise for them."

Further detail can be found at  http://www.guardian.co.uk/