HSBC completes review of fraud provision and updates risk appetite
Updated
Updated · Bloomberg · May 8
HSBC completes review of fraud provision and updates risk appetite
4 articles · Updated · Bloomberg · May 8
Chair Brendan Nelson told shareholders at Friday's annual meeting in London the bank had reviewed a $400 million fraud-related charge in its latest earnings.
Nelson said HSBC could not comment on names involved, but described fraud on that scale as a serious matter and said the bank was unhappy it had to book the provision.
The update signals tighter controls after the charge, with HSBC framing the review and risk-appetite changes as its response to a significant fraud-related hit.
After years of fines, can HSBC fix the risk failures behind its latest $400 million fraud loss?
Is HSBC's $400M fraud loss a 'one-off' event or the first crack in the opaque private credit market?
How much fraud is hiding as credit loss on bank books as the private credit boom unravels?