HSBC spends more on fighting financial crime as profits fall by 19%

Britain’s biggest bank says it has hired more staff and spent extra on compliance as part of deferred prosecution agreement

HSBC has been hiring more staff to fight financial crime in an attempt to overcome a series of scandals which have plagued it in recent years.

Britain’s biggest bank said its spending on “regulatory programmes and compliance” rose 12% to $800m (£620m) in the first three months of 2017 as it announced a 19% fall in first-quarter profits to £3.8bn.

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