Why madoff Is Trending Today?

HSBC's third-quarter profit decreased by 14% to $7.3 billion, primarily due to a $1.1 billion charge related to the ongoing legal case involving Bernard Madoff. The bank warned that resolving the Madoff case could take several years. Despite this setback, HSBC remains optimistic about its prospects for 2025.

HSBC has announced a significant provision of $1.1 billion related to the ongoing legal battle stemming from the Bernie Madoff investment fraud case. This provision, which is expected to be recognized in the third quarter, is a result of a recent Luxembourg court ruling. The bank's shares have dipped following this announcement, indicating the financial impact of the Madoff case continues to be felt by HSBC.