HSBC to Take $1.1 Billion Provision Over Madoff Case Liabilities

The banking giant’s third-quarter provision addresses financial exposure linked to the Madoff investment fraud scandal.

Summary

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Terms & Concepts
  • Provision: An amount set aside in a company's accounts to cover anticipated liabilities or losses.
  • Madoff Case: Refers to the fraud scheme orchestrated by Bernie Madoff, considered one of the largest Ponzi schemes in history.
  • Liabilities: Financial obligations or debts that a company owes, which are settled over time through the transfer of money or goods.