HSBC Shares Plummet Due to $1.1bn Madoff Exposure
HSBC shares fell sharply in early Monday trading after the bank announced a $1.1bn provision in its third-quarter results related to a lawsuit concerning Bernard Madoff's Ponzi scheme.
The provision is expected to have an impact of around 0.15 per cent on its common equity Tier 1 capital ratio. This adds to mounting pressures on HSBC earnings, which will be released on Tuesday.
- Economic forecasts indicate potential budget challenges, with Rachel Reeves possibly needing to find an additional £30bn in the Budget next month.
- Other banking news includes a Canadian bank's interest in critical infrastructure assets in the UK, Spain, and France.
- Revolut is still waiting for the PRA to lift its restrictions, four years after its application for a banking licence.
- Jamie Dimon's warning has revived scrutiny of the vehicles responsible for 40% of US direct lending.
No direct quotes available in the given text.
Author's summary: HSBC faces financial pressures due to Madoff exposure.
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