HSBC's 2012 scandal served as a watershed moment for the bank and the financial sector at large, resulting in a $1.9 billion fine and heightened regulatory scrutiny. While the bank has initiated reforms, recent violations suggest there's more work to be done. As a global financial powerhouse,...
Business Ethics: Adelphia Scandal As the turn of the 21st Century evolved, it appeared as if Adelphia Communications Corporation was on a direct path of success; unbeknownst to their investors and the public, they were in reality on a direct path of destruction instead. Unfortunately, Adelphia is...
It was reported that HSBC's global banking and markets posted a pre-tax profit of 5 billion U.S. dollars for the first half of 2012. The bank's performance, however, was impaired by provisioning for fines relating to money laundering....
HSBC paid a record $1.9 billion in fines and penalties to U.S. and U.K. authorities in 2012, plus $1.4 billion customer compensation in the U.K. HSBC is one of a number of banks, includingRBS,BarclaysandUBS, that are implicated in the "Libor scandal" in which traders manipulated the...
Yes, indeed. HSBC’s money laundering scandal settled in 2012 for $1.9 billion was sufficiently egregious as to merit is own Investopedia entry. HSBC laundered money for, amongst others, Mexican and Colombian drug cartels, such that the teller’s cages in the branches most active in the trade...
This is not the first time HSBC had terminated swathes of bank accounts. In December 2012, the bank was forced to pay American authorities £1.2bn ($1.9bn) in a settlement relating to money laundering. HSBC had been accused of facilitating the laundering of funds emanating from drug cartels...
Juan Cole 12/13/2012 Tweet Share Reddit Email The “money-laundering” scandal about British bank HSBC is a mixed picture. On the one hand, bank officials laundered money for Mexican drug cartels, allegedly knowingly, which only pond scum would do. Still, the cartels are only in business ...
HSBC Chief Executive Stuart Gulliver said recent allegations had been "painful". The allegations are likely to overshadow HSBC's annual results on Monday and Gulliver and Chairman Douglas Flint are due to testify to British lawmakers on the Swiss scandal on Feb. 25. ...
It is also expected to set aside 127 million pounds to cover costs of failings in relation to money laundering in its business in the U.S. According to a report, the money set aside for the money laundering failings could be its first hit over the scandal.年份: 2012 ...
HSBC to claw back bonuses over elderly savers scandalRead the full-text online article and more details about HSBC to Claw Back Bonuses over Elderly Savers Scandal.Rupert SteinerJames SalmonDaily Mail