Just days after JPMorgan revealed it would fire another 5,000 by the end of the year in a “scalpel” headcount reduction, overnight the world’s favorite drug money laundering bank HSBC unleashed the “machete” and announced it would cut almost 50,000 workers, or one in five bankers, a move which would shrink the …
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HSBC in damage control following biggest banking leak in history
HSBC has issued an apology as a political row over its Swiss private banking arm grows, saying it has “no appetite” to deal with clients seeking to dodge tax. In a full-page letter published in some Sunday newspapers, the bank’s chief executive, Stuart Gulliver, said the media revelations in the last …
Read More »New whistleblower: HSBC ‘lied to MPs & deceived customers’
HSBC deliberately deceived the Treasury Select Committee and was in contempt of Parliament by claiming their “fake” solicitors were regulated, whistleblower and financial activist Nicholas Wilson said Friday. The British-born investigator, who is currently preparing a private prosecution against HSBC for its alleged role in widespread fraud, says the bank …
Read More »HSBC headquarters raided in Argentina
Call it “the Mother of the Vultures.” HSBC, the Crown Jewel of the British monarchy’s Opium Wars, then and now, found its Buenos Aires headquarters and two other offices raided Wednesday by agents of Argentina’s AFIP tax bureau, in search of documents for the tax-evasion and money-laundering case opened against …
Read More »HSBC closes UK bank accounts held by Syrians
HSBC has been accused of “shamelessly profiling” its customers by ethnicity after it closed bank accounts belonging to Syrian refugees and students in the UK just days after it was accused of discriminating against Muslim clients. Documents and email correspondence obtained by The Independent show that HSBC, which styles itself as the …
Read More »HSBC warns: major stock market crash is imminent
The technical analysis team at HSBC is warning recent stock market moves look eerily similar to just before 1987’s ‘Black Monday’, which saw the largest one-day market crash in history. On October 19, 1987, the Dow Jones Industrial Average which comprises the 30 large US publicly traded companies, lost 22.6 …
Read More »HSBC fined $470 million for 2008 financial crisis, no one jailed
Multinational bank HSBC has agreed to a $470 million settlement with the U.S. government for mortgage lending and foreclosure abuses that worsened the 2008 financial crisis, but is it enough? The Justice Department’s Acting Associate Attorney General Stuart F. Delery said the agreement was “the result of a coordinated effort between federal …
Read More »UK’s top 4 banks under major investigation
Barclays, Royal Bank of Scotland, HSBC and Lloyds may be forced to break up following a finance watchdog’s inquiry. The watchdog claims Britain’s banking sector is characterized by anti-competitiveness and a failure to meet ordinary citizens and small business’ needs. Outlining its proposals for a sweeping 18-month investigation into Britain’s …
Read More »HSBC couldn’t track $60 trillion in suspicious activity?
[youtube height=”400″ width=”550″]http://www.youtube.com/watch?v=y4fIHa8_6wE[/youtube]
Read More »HSBC whistleblower to run for Congress
HSBC whistleblower and political hopeful Everett Stern. A bank whistle-blower is seeking a more powerful position from which to hold too-big-to-fail companies accountable. Everett Stern, a former HSBC employee who last summer called for fresh investigations into the company’s money-laundering controls, has launched a bid for Congress. Stern is campaigning …
Read More »HSBC is broke; restricts large cash withdrawals
Following research last week suggesting that HSBC has a major capital shortfall, the fact that several farmer’s co-ops were unable to pay back depositors in China, and, of course, the liquidity crisis in China itself, news from the BBC that HSBC is imposing restrictions on large cash withdrawals raising a …
Read More »The revolving door between HSBC and the BBC
Non-executive HSBC director turned chair of BBC Trust strolls into her role as Conservative government minister and gains a seat in the House of Lords for life. Article written by Iain Fenton, journalist for EsportsOnly. Rona Fairhead, the former chair of the BBC Trust, who was described by Labour MP …
Read More »Deutsche Bank provides “smoking gun” proof of massive rigging and fraud in the silver market
Back in April, when we first reported that Deutsche Bank had agreed to settle allegations it had rigged the silver market in exchange for $38 million, we revealed something stunning: “in a curious twist, the settlement letter revealed that the former members of the manipulation cartel have turned on each …
Read More »Whistleblower: HSBC still laundering money for terrorists, drug cartels
Big banks are apparently too big to jail, even when they bankroll terrorists and drug cartels, while regular people fill the prisons in the world’s largest drug population for mostly non-violent drug offences. As a former Anti-Money Laundering Officer at HSBC, Everett Stern was arguably never actually supposed to catch money …
Read More »HSBC and Standard Chartered to pay US over $2bn in charges, no one jailed
British banking giants have come under fire line from the US financial authorities. HSBC will pay a record $1.9bn to settle a money-laundering probe, with Standard Chartered getting a $327mn charge for violating US sanctions against Iran. The fine against HSBC will include $1.25bn in forfeiture, as well as $655mn …
Read More »Drug money and terrorism fuel HSBC? – Senate probe
The international banking giant HSBC may have financed terrorist groups and allowed Mexican drug money into the US economy through its lax policies, a damning Senate report reveals. The findings are the results of a year-long Senate probe into HSBC’s activities, highlighting negligence throughout the bank’s international structure. Probe will …
Read More »JPMorgan faces money laundering probe
JPMorgan Chase & Co’s compliance with U.S. anti-money laundering laws is being reviewed by a banking regulator, a source said, making the largest U.S. bank the latest target of a wide investigation of how banks prevent transactions involving drug money and sanctioned countries. The Office of the Comptroller of the …
Read More »Three arrested in UK over Libor rate fixing scandal
The UK anti-fraud agency has arrested three men in connection with the Libor interest rate manipulation scandal that broke earlier this year. According to Britain’s Serious Fraud Office, the three British men are aged 33, 41 and 47 and are all currently living in the United Kingdom. They have been …
Read More »‘Big five’ bank customers vent anger by taking their money elsewhere
Angry bank customers have been voting with their wallets and bombarding co-ops, building societies and credit unions with applications for current accounts over the past week, after the NatWest computer meltdown and the Barclays rate-rigging scandal. Data compiled by the campaign group Move Your Money UK shows an explosion in requests to switch from …
Read More »Banking scandal: how document trail reveals global scam
It’s not a comfortable weekend for the men heading some of the world’s biggest banks. Barclays has already been hit by a £290m fine for rigging interest rates but that could be dwarfed by a series of global lawsuits which could cost banks billions. The interest rate rigging scandal that …
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