LONDON (Reuters) - HSBC said costs related to U.S. law enforcement issues could be “significantly higher” than a $700 million provision it took to cover them.
HSBC said in a statement the $700 million provision it had made was a “best estimate of the aggregate amount of fines and penalties that are likely to be imposed in connection with these matters.”
Gulliver later told reporters on a call: “The number could be significantly higher ... it’s entirely at the discretion of the Department of Justice”.
A U.S. Senate report this month slammed HSBC for letting clients shift funds from dangerous and secretive countries.
Reporting by Steve Slater; Editing by Sarah White