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

FCA and BoE called to provide certainty on tokenisation regulation

FCA and BoE called to provide certainty on tokenisation regulation

Tokenisation set to boost efficiency

Linus Uhlig
clock 18 May 2026 • 2 min read
Revolut Trading gets green light to expand into MPS and private wealth services

Revolut Trading gets green light to expand into MPS and private wealth services

Exploring private bank launch after 'milestone'

Michael Nelson
clock 15 May 2026 • 2 min read
Net retail fund inflows continue in March at £1.4bn despite Middle East conflict

Net retail fund inflows continue in March at £1.4bn despite Middle East conflict

Investment Association data shows

clock 08 May 2026 • 2 min read