HSBC constrained by fines, but IB breaks records
HSBC’s full year earnings were heavily impacted at group level by the cost of fines and settlements to the authorities in both the UK and the US. Yet its investment bank performed well, recording a 25% year on year increase in profits.
At group level, payments in relation to money laundering in Mexico and the wrongful selling of insurance in the UK amounted to $3.3bn, which along with accounting losses from the increasing value of the banks debt led to declining profits compared to 2011.
But the global banking
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