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HSBC optimistic on growth

 

Nick Goodway
Tuesday 05 November 2013 01:57 GMT
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HSBC’s chief executive, Stuart Gulliver, said yesterday Europe’s biggest bank was optimistic about growing signs of economic recovery in its major markets.

“Indications are that economic growth in mainland China is stabilising, with positive implications for Hong Kong and the rest of Asia-Pacific,” he said. “The US should continue to grow, albeit at a low rate by historical standards. The UK should see positive growth and outperform the eurozone.”

His upbeat comments came as HSBC revealed that headline profits grew by 10 per cent to $5.1bn (£3.2bn) in the three months to September.

The bank also confirmed that it is being investigated by the Financial Conduct Authority and several other international agencies as part of the growing investigation into alleged rigging of the foreign exchange market.

Mr Gulliver said no staff had been suspended, and the names HSBC had been given so far no longer worked for the bank.

The bank set aside another $428m to cover the costs of mis-selling payment protection insurance as well as interest-rate swaps and products sold to wealth management customers. It also increased the amount it has earmarked to cover US investigations into US citizens with bank accounts in Switzerland, although it did not specify by how much.

HSBC was last year fined a record $1.9bn for failing to meet anti-money laundering standards.

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