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London-listed HSBC has agreed to pay $101.1m (£72.7m) in penalties to settle a US criminal investigation into rigged currency transactions.
HSBC, which is Europe’s biggest bank, has admitted its traders twice misused confidential information provided to them by clients for its own profit. The US jury found Mark Johnson guilty of defrauding client Cairn Energy in a 2011 currency trade.
The payment comprises of $38.4m in restitution and a $63.1m fine, with the latter reflecting a 15 per cent reduction “in recognition of HSBC’s cooperation during the investigation and its extensive remediation”.
HSBC said it had entered into a three-year deferred prosecution agreement (DPA) and will also take “additional steps to enhance its global markets compliance programme and internal controls”.
A spokesman for HSBC said: “HSBC is committed to ensuring fair outcomes for its customers and protecting the orderly and transparent operation of the markets.”