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 [...]
Bonuses down despite strong year for Britain’s biggest banks February 19, 2015 Payouts for top bankers have taken a tumble so far this year, according to industry data seen by City A.M., as the bonus cap combined with investor and political pressure takes its toll. Preliminary data from pay benchmarking site Emolument.com shows bonuses for front office staff falling precipitously this year compared with last year’s pay [...]
HSBC needs to re-learn its ABCs, or better still, its KYCs February 18, 2015 PLAC, CRD-4, the FCA and the PRA: but for HSBC, the most important acronym in the banking lexicon right now is KYC (Know Your Customer). Since inheriting the reins of Europe’s largest bank four years ago, Stuart Gulliver has rarely been out of his firefighter’s overalls. On many of those occasions it was the bank’s [...]
The sea change in private banking: Why HSBC is right about the industry February 18, 2015 The HSBC revelations have been coming thick and fast this past week, and the bank has had to go so far as to apologise for its previous behaviour. It has been adamant that things are now different and that the transgressions of prior years are history. The real question is, can we take them at [...]
HSBC Geneva office raided as leak prompts investigation by Swiss authorities into money laundering February 18, 2015 Authorities in Switzerland have launched an investigation into HSBC over allegations it advised wealthy clients how to avoid paying tax at its Swiss bank. Swiss police searched the premises of HSBC's Swiss private banking arm in Geneva on Wednesday as part of the probe. Swiss public prosecutors in the country have said they are probing [...]
Labour ups the HSBC pressure on George Osborne over tax evasion row February 17, 2015 Labour’s Ed Balls has increased the pressure on George Osborne in the HSBC tax evasion row, calling on the chancellor to answer key questions. Labour are attempting to up the ante on Osborne, who has barely been seen over the course of the eight-day-long political row. HSBC’s Swiss branch is accused of helping customers evade [...]
Bannister should tell all about HSBC – Editor’s Letter February 16, 2015 Clive Bannister is a very companionable dinner guest, rightly proud of his achievements in business and of his father Roger, who became the first person to run a mile in less than four minutes. He is just as proud, possibly more so, of his father’s achievement in going on from his success on the sports [...]
Lord Green keeps Chambers of Commerce role as HSBC tax evasion row goes on February 16, 2015 Former HSBC boss Lord Green is keeping his role as a trade adviser to the British Chambers of Commerce (BCC), as the business group backed the embattled ex-government minister. Green was the chief executive and chairman of HSBC while its Swiss private banking arm helped wealthy clients evade taxes. He is now the focus [...]
Financial Conduct Authority “working closely” with HSBC over tax allegations February 16, 2015 The Financial Conduct Authority (FCA) is "working closely" with HSBC and other agencies to ensure current cultural practices fall in line with standards, following allegations that the bank helped its clients engage in tax avoidance. "This has served to reinforce the importance of firms operating with the right culture across all of their operations," the [...]