UK: HSBC profits cut by 13% amid ‘unprecedented’ regulatory scrutiny

UK bank HSBC has reported a pre-tax profit of about $6.2 billion for the first half of the year, down 13 percent from the same time last year, according to reports.

In its report, HSBC says that the bank is facing “significant fines or sanctions” in the wake of “unprecedented” regulatory scrutiny of the bank, which accounts for some of the profit losses.

The bank is currently the subject of several investigations, including one by the European Commission related to allegations of interest rate manipulation. The Commission issued a statement of objections to HSBC last May accusing the lender of anticompetitive practices.

HSBC noted the “high degree of uncertainty” regarding the outcome of these investigations and acknowledged the possibility of significant penalties.

Full content: Money Marketing

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