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 has said first-quarter profit almost doubled, beating analyst estimates, as bad debts declined and it cut costs.
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.
UK Treasury statement:
Here's a note of 9 top firms currently undertaking cost-cutting programs.
HSBC takes its name from its roots as the Hongkong and Shanghai Banking Corporation, but there has long been a joke inside and outside the firm that the name stands for 'How Simple Became Complicated'.
An alternative view of the great Libor scandal says it's a storm in a teacup and that everybody knew, or ought to have known, that banks will fiddle the rules when the game is refereed by their own ineffectual trade body.
Paul D. Scialla and Peter E. Scialla, 39-year-old twins who had been partners at Goldman Sachs since 2008, left the firm last week to focus on a real estate company that Paul created while at the bank.
Here's the 10 largest European M&A deals of the last five years. Data provided by M&A intelligence and research service mergermarket.
After a decade of investigations, US authorities last September decided to move "as quickly as possible" to fine HSBC on money laundering charges that the Treasury Department concluded were the most "egregious" it had ever seen, according to newly released documents.