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S&P downgrades outlook for HSBC

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Standard Chartered paid $340 million to settle allegations that it laundered money. HSBC has set aside $700 million to cover possible fines for the same thing. Standard & Poor’s downgraded HSBC’s rating from stable to negative on the concern that the bank’s long-term business could be impacted by an investigation. HSBC apologized in July to a U.S. Senate committee for it “unacceptable behavior.”