The potential losses to be suffered by the UK-based bank as a result of Mr Madoff's alleged $50bn “pyramid scheme” are a sign that his network of clients and connections extended to some of the biggest and best-known names in global finance.
People close to the situation said most of HSBC's exposure stemmed from loans it provided to institutional clients, mainly hedge funds of funds, that wanted to invest with Mr Madoff.
BNP Paribas, a number of Swiss private banks and high-profile investors such as Fred Wilpon, owner of the New York Mets baseball team, are also believed to have exposure to Mr Madoff's investment firm.
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