More banks reveal $50bn fraud exposure

clock

More of the world's largest banks have today admitted exposure to a fraud estimated to have lost more than $50bn.

HSBC said it had investments of about $1bn in a firm run by former Nasdaq stock market head Bernard Madoff, who is accused of conceiving one of the largest financial scams ever. It follows earlier announcements from the Royal Bank of Scotland (RBS), which revealed a £400m exposure, and Santander (€2.3bn). Elsewhere, the French bank, Natixis, part of Caisse d'Epargne and Banque Populaire, said it may lose £402m while one of the world's largest investment groups, Man, said it had invested about $360m - 0.5% of its total funds. BNP Paribas faces a €350m potential loss, it said, and Swiss...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Future of Investment Festival: Our specialist sessions for advisers

Future of Investment Festival: Our specialist sessions for advisers

Future-proofing advice, building sustainable portfolios, all things SDR

Professional Adviser
clock 19 April 2024 • 2 min read
Why non-transparent managers are behind most failed acquisitions

Why non-transparent managers are behind most failed acquisitions

‘They don’t understand the importance of culture and cohesion’

Rami Cassis
clock 12 April 2024 • 3 min read
Partner Insight: Understanding the investment universe

Partner Insight: Understanding the investment universe

Invesco
clock 12 April 2024 • 6 min read