Société Générale has reported a lower than expected rise in fourth-quarter net income after setting aside a further €400 million ($450.4 million) for litigation costs. Revealing its highest annual revenue in six years, the bank said it now had the right set of business lines having disposed of €8 billion in assets since 2010.
However, the bank's shares fell by more than ten percent this morning after it acknowledged that it could miss its profit target this year due to adverse market conditions and increased regulation. Net profit rose by 20 percent to €656 million ($739 million) in the three months to December, from €549 million for the same period in 2014. Revenue dropped by one percent to €6.05 billion.
HSBC is being sued by the families of people who were murdered by Mexican drugs cartels. Lawyers for the families are arguing that HSBC can be linked to the deaths because it didn't prevent the cartels from laundering money gained through their criminal activity.
In 2012, HSBC paid nearly $2 billion in a settlement with US regulators over allegations that it had not implemented anti-money laundering rules properly.
UK payments processor Worldpay is launching its services in Canada in partnership with Peoples Trust Company. The partnership provides Worldpay with a licence for its customers to accept card payments in Canada.
Italy's government has approved measures to help the country's struggling banking sector that were agreed after extended negotiations with the European Union. The measures include a guarantee scheme to allow the banks to offload some of their non-performing loans. In addition, the government approved regulations aimed at encouraging small cooperative banks in Italy to consolidate.
Shocking security failure uncovered in NCR, Diebold ATMs
WorldRemit racks up $45m with an eye for partnerships
13 banks apply for Myanmar's second round of foreign bank licensing. All 5 new applicants from Taiwan
Is Paym a failure?
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