HSBC quadruples provisions as DoJ fine looms

Bank braces for RMBS penalty

HSBC almost quadrupled its provisions for legal and regulatory matters following discussions with the US Department of Justice (DoJ) over its legacy residential mortgage-backed securities (RMBS) business.

The bank put aside $897 million in the first quarter of the year, compared with $228 million at the end of 2017.

HSBC is wrangling with the DoJ over the resolution of civil claims brought by the latter over the suspected fraudulent sale of RMBS.

While the bank acknowledged that talks with

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