News by tag: HSBC

15.11.2017

HSBC Private bank agrees to pay €300 million to avoid tax fraud trial

HSBC Private Bank, a Swiss unit of banking giant HSBC, has agreed to pay €300 million to avoid going to trial in France for enabling tax fraud, prosecutors said on Tuesday.  HSBC was accused last year of helping French clients to hide at least €1.67 billion from the tax authorities, according to a source close to the probe. 

 
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30.10.2017

HSBC profits jumps in Q3 on booming Asia

Banking giant HSBC has reported pre-tax quarterly profits of $4.6bn (£3.5bn) for the three months to the end of September. The result marks a huge 448% increase from $843m posted in the same period a year ago. With one-off costs and currency impacts stripped out, HSBC posted a $3.8bn leap in pre-tax profits to $4.6bn for the third quarter, as it made a one-off loss on the sale of a business in Brazil last year.

 
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13.10.2017

Citigroup, Deutsche, HSBC agree Libor settlement

Citigroup Inc, Deutsche Bank AG and HSBC Holdings Plc have agreed to pay a combined $132 million to settle a U.S. class action brought by futures traders accusing them of manipulating the Libor benchmark interest rate, according to a U.S. court filing, Reuters reported on Thursday.

 
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02.10.2017

US Fed fined HSBC over unsafe forex trades

HSBC has been fined $175 million on Friday for 'unsafe and unsound' practices in its currency trading business by Fed, as Reuters reported. HSBC failed to monitor chat rooms where traders swapped information about investment positions, the U.S. central bank said, echoing findings by other regulators investigating the $5 trillion-a-day foreign exchange or FX market.

 
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21.08.2017

HSBC and IBM work together to develop cognitive trade finance tool

IBM and HSBC are developing cognitive intelligence technology that can be used to boost the success of financial services, freeing up staff time and allowing for more innovation. The solution, which is already in use in Hong Kong and the UAE, uses IBM robotics technology to analyse documents, digitising and extracting the relevant data before feeding it into HSBC’s transaction processing systems.

 
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31.07.2017

HSBC earnings beat estimates, announces $2 bn share buyback

HSBC, Europe's largest bank, reported a set of financial results that beat estimates in the first half of 2017 and announced a $2 billion share buyback on the back of a growing capital base. HSBC's profits rose 5% in the first half of the year after a turbulent 2016. The results were better than expected with Europe's largest bank reporting that its pre-tax profit for the first six months to June came in at $10.2bn (£7.8bn), compared with $9.7bn (£7.4bn) for the same period last year, beating Bloomberg analysts' estimates, which had averaged out at a $4.6bn forecast.

 
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13.07.2017

HSBC, UBS settle US litigation over rigging interest rates

HSBC and UBS  have each agreed to pay $14 million to settle private U.S. litigation accusing them of rigging an interest rate benchmark used in the $483 trillion derivatives market, Reuters reported. Switzerland’s largest lender was one of 10 banks accused of having rigged the Isdafix index, which is used to price swap transactions, commercial real estate mortgages and structured debt securities.

 
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05.05.2017

Spanish Court to probe former HSBC executives over money laundering

A Spanish court is probing seven former executives of HSBC's private Swiss bank on suspicion of money laundering following an investigation of documents in the 'Swissleaks' scandal on bank-supported tax evasion, legal sources have said. In an order dated January but not published until now, the National High Court named seven persons under suspicion of "persistent money laundering and criminal association" who in 2006 and 2007 held senior positions at the Swiss subsidiary of HSBC. According to a court document released on Thursday, the suspects include two former heads of HSBC private banking operations, Christopher Meares and Clive Bannister. HSBC declined to comment.

 
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01.03.2017

HSBC under probe over tax fraud in India, other countries

Global banking giant HSBC has disclosed being probed by tax authorities in India, the US, France and Belgium, including against its Swiss and Dubai units, for allegedly abetting tax evasion of four Indians and their families. Disclosing the "tax-related investigations" in its latest annual report published last week, HSBC further said it has set aside $ 773 million as a provision for various tax- and money laundering-related matters.

 
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18.01.2017

Brexit: HSBC may move 1.000 staff from London to Paris

The top boss of HSBC, Stuart Gulliver, has said it is planning to move some staff from London to Paris following Britain’s exit from the European Union. Speaking from the World Economic Forum in Davos, Gulliver said in an interview Bloomberg Television that "about 1,000 jobs which are carrying out activities which are covered by European legislation... would probably need, in our case, to go to France". While Gulliver had in the past already hinted at such a switch of investment banking jobs, his comments appeared more precise as he suggested France would take precedence over other EU nations.

 
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