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HSBC bank outlook downgraded

HSBC bank outlook downgraded

Category: Banking

Updated: 24/08/2012
First Published: 24/08/2012

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The ratings agency Standard & Poor's (S&P) has downgraded HSBC's outlook from stable to negative, amid fears that the bank could be damaged by money laundering allegations, currently under investigation in the US.

The bank also faces scrutiny from US and UK regulators over its alleged involvement in the Libor rate fixing scandal.

A spokesperson for S&P said: "In recent months, the HSBC group has been censured by its regulators and other authorities for alleged control failings, notably with regard to US anti-money laundering standards.

"In our view, these issues may carry some specific negative rating implications for HSBC."

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