HSBC sets aside £236m for forex manipulation as profits miss forecasts

HSBC has put aside $378m (£236m) to cover the cost of an investigation into foreign exchange manipulation and reported third-quarter profits that missed forecasts.

The bank reported pre-tax profit of $4.6bn (£2.9bn) for the third quarter, up 2% year-on-year but below the level forecast by analysts. HSBC shares fell as much as 3% on the release, before bouncing back to trade down 0.3% at 639.2p. In reporting the amount set aside for the Financial Conduct Authority's probe into currency manipulation, the bank said discussions with the regulator are "ongoing" and may result in a "significant financial penalty". It follows both Barclays and RBS setting aside millions of pounds relating to the same investigation last week. Barclays set aside £500m...