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The Boston Globe


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.

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