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

China's historic move away from coal shows why investors need to keep digging

China's historic move away from coal shows why investors need to keep digging

'A key challenge for investors is to identify the pockets of genuine innovation'

Xin-Yao Ng
clock 19 October 2026 • 4 min read
Investors yet to stuff ISA allowances as government plays down spectacle despite 'tough' Budget

Investors yet to stuff ISA allowances as government plays down spectacle despite 'tough' Budget

Platform activity stable

Jack Roach
clock 19 October 2026 • 4 min read
D2C platforms urged to improve 'daunting' onboarding process for new investors

D2C platforms urged to improve 'daunting' onboarding process for new investors

Monzo and Revolut top ease rankings

Patrick Brusnahan
clock 15 October 2026 • 2 min read