HSBC to pay $765m over toxic bond sales in run-up to financial crisis
RBS and Barclays settled for $4.9bn and $2bn respectively with the US justice department
Europe’s biggest bank, HSBC, has reached a $765m (£591m) settlement with the US Department of Justice to end an investigation into the sale of mortgage-backed securities in the run-up to the 2008 financial crisis.
The provisional settlement over the way HSBC packaged up toxic bonds between 2005 and 2007 is smaller than some of the settlements the DoJ has reached with other banks, such as the $4.9bn penalty for Royal Bank of Scotland and the $2bn settlement with Barclays.
Source: The Guardian