All articles tagged with #legal provisions
HSBC's third-quarter profit declined 14% to $7.3 billion but exceeded expectations, driven by a 15% rise in net interest income, despite higher operating expenses and legal provisions related to the Madoff case. The bank also announced plans to privatize Hang Seng Bank, highlighting confidence in Hong Kong's financial sector.
UBS has set aside $665 million to cover the cost of toxic mortgages, which has halved its Q1 profit. The bank's CEO, Sergio Ermotti, has warned of the difficulties ahead as it embarks on an integration process that may take four years after it takes over Credit Suisse. UBS reported a 52% slide in quarterly income, but also reported strong inflows of $42 billion. The bank was an issuer and underwriter of US residential mortgage-backed securities in the five years to 2007, and November 2018 saw US authorities commence legal action against the Swiss bank.