You can now read 10 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

The Boston Globe

Business

HSBC marks $1.15 billion for fines, paybacks

Bank was tied to $7b in illegal drug money

LONDON — HSBC, Europe’s biggest bank by market value, has set aside an additional $1.15 billion to cover potential US fines for failing to stop money-laundering in its Mexican unit and to compensate UK customers for improperly selling payment protection insurance.

The provisions were announced Monday along with a 52 percent fall in third-quarter net profit, to $2.5 billion from $5.2 billion a year earlier.

Loading comments...

You have reached the limit of 10 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week