HSBC Swiss tax evasion row is not the bank’s real problem – Bottom Line February 23, 2015 HSBC’s Swiss tax row is a sideshow. It might not feel like that to bosses – chairman Douglas Flint is facing MPs in parliament tomorrow, and chief exec Stuart Gulliver agreed he feels “shame” over the affair. But it is true nonetheless – this is not the main event for the bank. Look at [...]
New press regulator IPSO to discuss Daily Telegraph HSBC coverage concerns after Peter Oborne allegations February 23, 2015 The new press regulator will look at the concerns raised about the Daily Telegraph’s coverage of the HSBC scandal by one of its former senior journalists, City A.M. has learned. Peter Oborne resigned from his role as the Telegraph’s senior political correspondent last week. He alleges that the newspaper failed to cover HSBC with sufficient rigour [...]
HSBC woe drags FTSE as Greek drama continues – London Report February 23, 2015 A DROP in the shares of banking group HSBC held back Britain’s top equity index yesterday, although many traders still expected the UK stock market to reach record highs soon. The blue-chip FTSE 100 index closed down by 3.04 points, flat in percentage terms, at 6,912.16 points. The FTSE had risen 0.4 per cent to [...]
HSBC case: Osborne could include new tax rules in budget February 23, 2015 New measures to tackle tax avoidance look set to be included in George Osborne’s budget next month in the wake of the HSBC tax case. As Osborne made his parliamentary response to the HSBC allegations he clashed with Ed Balls, the shadow chancellor. Balls accused Osborne of negligence, which moved Osborne to claim the government [...]
FCA and PRA reveal latest regulatory code – here’s how it will affect people in the City February 23, 2015 A strict new code for financial institutions places greater accountability on non-executives when regulations are breached, and means they will be guilty until proven innocent, rather than the other way around. The proposals were outlined earlier today by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), and their purpose, according to [...]
HSBC share price closes 4.6 per cent lower after full-year profits tank due to “challenging year” February 23, 2015 HSBC ended the day with its shares at 577p, 4.6 per cent lower than Friday's closing price. Having announced that profits fell 17 per cent during 2014, it admitted its US arm had also been subpoenaed by the US Commodity Futures Trading Commission. The CFTC said wanted to see documents relating to its precious metals [...]
HSBC: We deeply regret practices at Swiss bank February 23, 2015 HSBC has issued an apology for the historical practices and behaviours at its Swiss private bank, describing them as “unacceptable”. The banking group, which this morning revealed worse-than-expected full year results, said the recent disclosures about its actions, helping wealthy clients to avoid paying taxes several years ago, were “in contravention of our own policies as well [...]
HSBC chief holds Swiss bank account but bank denies wrongdoing February 23, 2015 HSBC has acknowledged its chief executive, Stuart Gulliver, uses a Swiss bank account to hold his bonuses, following revelations published in the Guardian. Gulliver was shown to have sheltered money in a Swiss account through Panamanian company Worcester Equities Inc. But HSBC pointed out to the BBC that its chief executive has paid [...]
MPs want press regulator to look at Telegraph case after Peter Oborne accusations over HSBC coverage February 23, 2015 MPs will tomorrow call on the new press regulator to investigate accusations that The Telegraph newspaper limited its coverage of the HSBC tax scandal for commercial reasons. Peter Oborne, previously a political commentator at The Telegraph, quit the newspaper last week, accusing its management of preventing proper reporting of revelations about HSBC. The Telegraph has [...]
HSBC under pressure to lower bonuses following tax dodging inquiry February 21, 2015 Top executives at HSBC are being encouraged to waive their bonuses for the year, following allegations the bank abetted tax dodging clients. Shareholders, politicians and large sections of the media will place the bank’s bonuses under intense scrutiny when its annual reports are released on Monday. According to the Financial Times, shareholders [...]