Economy

Scandal Plagued Bank Sets Aside Billions Of Dollars To Pay Off Fines

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Major British bank HSBC — which, according to a Senate report, laundered money for drug cartels and organizations with terrorist ties — has set aside about $2 billion in anticipation of fines and penalties resulting from this and other scandals. “What happened in Mexico and the U.S. is shameful, it’s embarrassing, it’s very painful for all of us in the firm,” said bank CEO Stuart Gulliver. In addition to $700 million earmarked for dealing with the laundering scandal, HSBC has set aside $1.3 billion to cover charges that it misled British customers.

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