# UK-based lender reported pre-tax profits of £9.4 billion US dollars (£6.96 billion) The fall came as it announced an unexpected 400 million dollar (£295 million) loss linked to a fraud case in the UK.

*fintech · news · 2026-05-05 · LBC*

## Key points

- HSBC took a $400 million loss from a fraud case tied to private-credit exposure in its CIB business.
- The $1.3 billion first-quarter credit loss charge is up 50% from a year ago.
- HSBC set aside $300 million specifically due to heightened uncertainty from the Middle East conflict.
- Regulatory concerns over private credit market complexity are contributing to increased bad debt provisions at major UK banks.
- HSBC will meet its $1.5 billion annual cost savings target by June, six months earlier than planned.

**Companies:** HSBC, Barclays, Market Financial Solutions
**Countries:** United Kingdom, Iran

[Read the full story on LBC](https://www.lbc.co.uk/article/9090373bb21445f39f2eb4430c38f886-5HjdYh5_2/)

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