Search Results for: hsbc

HSBC to axe 50,000 jobs

HSBC jobs

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 bank

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 …

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HSBC headquarters raided in Argentina

HSBC

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 …

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New whistleblower: HSBC ‘lied to MPs & deceived customers’

Nicholas Wilson HSBC whistleblower

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 …

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HSBC closes UK bank accounts held by Syrians

HSBC

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 …

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HSBC warns: major stock market crash is imminent

hsbc-stock-market-crash

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 …

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HSBC fined $470 million for 2008 financial crisis, no one jailed

HSBC bank fined 2008 financial crisis

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 …

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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 …

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UK’s top 4 banks under major investigation

Barclays bank

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 …

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HSBC is broke; restricts large cash withdrawals

HSBC sign

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 …

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The revolving door between HSBC and the BBC

Revolving door Rona Fairhead BBC HSBC

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 …

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Whistleblower: HSBC still laundering money for terrorists, drug cartels

HSBC drugs and terrorism financing

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 …

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Drug money and terrorism fuel HSBC? – Senate probe

HSBC sign

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 …

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Three arrested in UK over Libor rate fixing scandal

hang the bankers

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 …

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‘Big five’ bank customers vent anger by taking their money elsewhere

Customer cuts up Barclays bank card

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 …

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JPMorgan faces money laundering probe

JP Morgan

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 …

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