HSBC Quarterly Profit Falls on $1.1 Billion Hit From Madoff Lawsuit

Core Insights - The London-based bank reported a net profit decline of 21% year-over-year, amounting to $4.87 billion for the three months ending in September [1] Financial Performance - Net profit decreased from the previous year, reflecting a significant drop in earnings [1] - The reported figure of $4.87 billion indicates a challenging financial environment for the bank during this period [1]