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HSBC profits fall 14% as bank takes hit from Madoff lawsuit provision

Financial Times•Tuesday, October 28, 2025 at 5:36:56 AM
NegativeFinancial Markets
HSBC profits fall 14% as bank takes hit from Madoff lawsuit provision
HSBC has reported a 14% drop in profits, primarily due to a significant $1.1 billion provision set aside for legal battles related to the Madoff lawsuit. This situation highlights the ongoing financial repercussions of the infamous Ponzi scheme that collapsed in 2008, affecting not just individual investors but also major financial institutions. The bank's decision to allocate such a large sum for legal costs underscores the seriousness of the claims against it and raises concerns about the broader impact on its financial health.
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