HSBC Holdings Plc has carried out a “thorough review” of a $400 million fraud-related provision in its latest earnings and is updating its risk appetite, according to Chairman Brendan Nelson.

“Obviously we cannot comment on names, but clearly fraud of that scale is a serious matter, and we were not very happy in the fact that we had to take the provision against it,” Nelson told shareholders at the bank’s annual general meeting on Friday in London.