Marc Filippino

It's very efficient, and it could turbocharge hacking.

It's important to note, though, Anthropic is not part of this agreement with the Commerce Department.

HSBC's quarterly results really let investors down.

The bank's shares fell sharply on Tuesday after it revealed a fraud-related charge that cost the bank $400 million.

HSBC said its credit losses were expected to amount to $1.3 billion for the first quarter.

That's up 50% from a year earlier.

And the bad news didn't end there.

It also blamed the Iran war for a drop in first quarter profits.

The FT's banking editor, Hortensa Aliye, joins me now to chat about this.

Hi, Hortensa.

Hi.

So first, what do we know about this $400 million fraud-related charge?

What's the story there?

Right.

And, you know, we should mention that Atlas and HSBC declined to comment for your story.

How many other lenders have been hit by this particular fraud?

Now, Artensa, I mentioned that the war in Iran is impacting HSBC.

How bad are things on that front?

Yeah, that reorganization is something that we've talked about a lot on the show.

Was there any good news for HSBC in these quarterly results?