HSBC sets aside $378 million for currency trading investigations

MarketsAssociated Press

HSBC, the U.K.'s biggest bank, set aside $378 million for possible fines arising from probes into foreign exchange manipulation, joining other major British lenders in bracing for the outcome of the investigations.

The provision was just one of a series of charges that boosted one-time expenses to $1.7 billion in the third quarter from $784 million in the same period last year.

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HSBC, which does business in 74 countries and territories, says the charges and higher costs in a number of markets increased operating expenses by 15.7 percent to $11.1 billion.

"We are committed to achieving additional sustainable savings by further streamlining our processes and procedures," CEO Stuart Gulliver said in a statement Monday.

Net income in the third quarter ending Sept. 30 rose 7.2 percent to $3.43 billion.