HSBC will pay $12.5m to resolve charges that its Swiss private banking unit illegally offered services to U.S. clients without being properly registered, the U.S. Securities and Exchange Commission said on Tuesday.
HSBC, one of the largest hedge fund investors in the world, has recently lost four senior people in the private banking unit that is responsible for picking the best money managers for their wealthy clients.
UBS' Raoul Weil, who goes on trial in Florida on Tuesday, is accused of helping wealthy Americans evade millions in taxes.
Citigroup’s third-quarter fixed-income and equity trading revenue will be 'roughly in line' with the same period a year ago, Chief Financial Officer John Gerspach said.
Credit Suisse is in talks with the U.S. Justice Department to pay as much as $1.6bn to resolve an investigation into the bank's role in helping Americans evade U.S. taxes, a person familiar with the matter said on Monday.
Disagreement at senior levels.
New York’s top banking regulator sent a subpoena to Credit Suisse last week as he examines whether its private bank helped clients evade state taxes, a person with knowledge of the matter said.
Benjamin Lawsky, New York's financial services superintendent, has sought documents from Credit Suisse to examine whether the bank lied to New York authorities about engineering tax shelters, said a source familiar with the matter.
A 50-year-old Harlem educator is giving her UBS broker failing grades after she lost $400,000 from her Puerto Rico muni bond fund.
End-of-2015 expense savings targets.