However, three months after the launch of his new fund, Woodford ditched his HSBC holding, saying that he was becoming concerned that fines “are increasingly being sized on a bank's ability to pay, rather than on the extent of the transgression”.
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Banking mammoth HSBC (LSE: HSBA) (NYSE: HSBC.US) has given investors little reason for cheer over the past year or so due to a combination of persistent revenues pressure and fears over escalating legal bills.
HSBC Holdings plc provides banking and financial products and services. It operates through four businesses Retail Banking and Wealth Administration, Commercial Banking, Global Banking and Markets, and Global Private Banking.