HSBC has made some progress in improving its anti-money laundering program as required by a 2012 deferred prosecution agreement with the U.S. Justice Department, but there remains 'much work to be done', federal prosecutors said in a Tuesday court filing.
HSBC is one of the largest banking and financial services organisations in the world.
Royal Bank of Scotland faces a tougher challenge selling its U.S. subsidiary after the unit failed the Federal Reserve’s stress test.
Analysts at HSBC’s house broker have advised clients to sell the shares of the lender, warning of the risks to the bank from a slowdown in Asia.
Once modest of pay and profile, risk experts are being reborn as rock stars of the banking world - their status and salaries soaring as regulators force financial institutions to clean up.
Bank of America, Citigroup and Credit Suisse were among 16 of the world’s biggest banks sued by the U.S. Federal Deposit Insurance for allegedly manipulating the London interbank offered rate from 2007 to 2011.
JPMorgan and HSBC are said to face a European Union complaint as soon as next month as the bloc’s antitrust chief races to fine a quartet of financial companies that snubbed rate-rigging settlements.
The Bank of England is scrutinising allowances awarded to top staff by banks in an effort to establish whether they are a covert way of avoiding a new European Union cap on bonuses, a senior official at the central bank said on Tuesday.
'It's about risk. Risk, efficiency and productivity'.
Banks are failing to rein in excessive payouts for staff below the boardroom level despite a public backlash against a bonus culture blamed for contributing to the financial crisis, say leading investors.
One of the architects of the EU's cap on bankers' bonuses has called for the UK government to be sued for allowing banks to sidestep the new rules as two more high street banks were preparing to hand their bosses up to £1m in extra pay to avoid the clampdown.
HSBC’s $1.9bn agreement with the U.S. to resolve charges it enabled Latin American drug cartels to launder billions of dollars was approved by a federal judge
Here's the list:
Each year thousands of graduates / MBAs find work in the financial markets. All start at (or near) the bottom of the ladder, and hope that one day they will make it big. Few do. And those who eventually achieve success usually face a relatively long wait. Not so one young man who, at 23, just might be the youngest VP ever to attain that position in a major investment bank.
HSBC has appointed Simon Cooper a Group Managing Director and Chief Executive of Global Commercial Banking, effective 1 October 2013.
Thomas Montag, President, Global Banking and Markets at Bank of America Merrill Lynch.
Here's are a few links to some interesting Bloomberg, New York Post, New York Times and Reuters articles that are doing the rounds today
The trade minister, Lord Green, has broken his silence over the HSBC money laundering scandal, saying he regretted the long-running incident that took place while he was running the bank. But he is still refusing to take questions on the controversy.
HSBC's controversial $1.9bn (£1.6bn) settlement deal with the US authorities over money laundering charges has stalled after a row between the justice department and the judge overseeing the case.
Hot on the heels of the announcement that JPMorgan has spurned Canary Wharf and has chosen the 'Square Mile' for its new European HQ (St Alphage House in London Wall), most of the interest centres around the fact that, of the 1 million square feet that makes up the new building, there will be four giant trading floors of some 72,000 square feet each.