More banks reveal $50bn fraud exposure

clock

More of the world's largest banks have today admitted exposure to a fraud estimated to have lost more than $50bn.

HSBC said it had investments of about $1bn in a firm run by former Nasdaq stock market head Bernard Madoff, who is accused of conceiving one of the largest financial scams ever. It follows earlier announcements from the Royal Bank of Scotland (RBS), which revealed a £400m exposure, and Santander (€2.3bn). Elsewhere, the French bank, Natixis, part of Caisse d'Epargne and Banque Populaire, said it may lose £402m while one of the world's largest investment groups, Man, said it had invested about $360m - 0.5% of its total funds. BNP Paribas faces a €350m potential loss, it said, and Swiss...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Four reasons why direct engagement can still make a difference

Four reasons why direct engagement can still make a difference

'Quantitative data arguably tells only half the story'

Simon Wood
clock 05 March 2026 • 4 min read
Darius McDermott: Is income under pressure?

Darius McDermott: Is income under pressure?

‘The period of abundant income is ebbing'

Darius McDermott
clock 04 March 2026 • 5 min read
Investors told 'hold your nerve' as Iran strikes drive volatility

Investors told 'hold your nerve' as Iran strikes drive volatility

Ongoing conflict impact

Linus Uhlig
clock 02 March 2026 • 3 min read