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 [...]
HSBC’s Indonesian subsidiary Bank Ekonomi to delist from the Indonesia Stock Exchange February 16, 2015 HSBC plans to integrate Bank Ekonomi, the Indonesian bank it majority owns, with its main operations in the country due to the illiquidity of shares. Bank Ekonomi, in which HSBC has a 99 per cent stake, has said it will delist from the Indonesian Stock Exchange from the start of Tuesday trading. "Bank Ekonomi has requested [...]
Phoenix chair Sir Howard Davies asks Clive Bannister to explain himself over HSBC February 16, 2015 Former private banking boss at HSBC Clive Bannister has come under pressure from the chairman of Phoenix Group, the insurance company he now runs, to explain his role at HSBC, after revelations that the bank’s Swiss arm helped some clients evade taxes. Phoenix chairman Sir Howard Davies contacted board members last week to inform them [...]
General Election 2015: Ed Miliband promises review of HMRC after HSBC tax avoidance row February 14, 2015 Labour has set its sights on the tax inspector, promising a “root and branch” review of HMRC following criticism of the investigation it made into tax avoidance which came to light from the HSBC Swiss bank leaks. Miliband made the pledge speaking at the Welsh Labour Conference in Swansea as the issue of tax avoidance [...]
Former HSBC boss Lord Green steps down as TheCityUK chairman over tax avoidance banking row February 14, 2015 The under-fire former boss of HSBC has quit his job as head of a City lobby group following revelations over tax avoidance at the bank when he was in charge. Green has been in the firing line after it was revealed HSBC's Swiss private banking arm helped clients evade and avoid hundreds of millions of pounds [...]