HSBC reveals names in tax probe

Global bank HSBC has handed over details of current and former employees to the US authorities, it confirmed yesterday, as part of a tax probe that almost sank rival bank UBS in 2009. As a result the bank could now face legal action from individuals whose details have been revealed, lawyers representing them said. In a letter, the bank said it had passed on documents, in which their names appear, on the request of US authorities looking to hunt down US citizens with untaxed money held in Swiss accounts. After passing on a first set of documents earlier this year, HSBC has sent the new batch to the US Department of Justice and the Securities and Exchange Commission in an effort to reach a settlement over the investigation.