HSBC Holdings Plc faces investigation by U.S. authorities and an inquiry by British lawmakers after admitting failings by its Swiss private bank that may have allowed some customers to dodge taxes.
HSBC Holdings plc (HSBA.L) could see its 2012 deferred prosecution deal with U.S. authorities over anti-money laundering lapses reopened as a result of separate, ongoing probes into the bank's alleged role in manipulating currency rates and helping Americans evade taxes, a U.S. law enforcement official said on Monday.
A federal judge on Wednesday said U.S. investors may pursue a nationwide antitrust lawsuit accusing 12 major banks of rigging prices in the $5.3 trillion-a-day foreign exchange market.
The home and former offices of Hong Kong media tycoon Jimmy Lai, an outspoken critic of Beijing who also played a prominent role in large pro-democracy protests last month, were firebombed early on Monday, a spokesman said.
A Belgian judge has charged the Swiss private banking arm of HSBC Holdings Plc with tax fraud and money laundering, accusing the British-based bank of offering diamond dealers and other wealthy clients ways of hiding cash and evading tax.
Major banks have set aside almost $7 billion for potential settlements with regulators investigating allegations of collusion and manipulation in foreign exchange markets, the first of which could come in Britain later this month.
European rules to cap bankers' bonuses at twice fixed pay are "a retrograde step" that could add to difficulty in recruiting staff to the industry, the head of Europe's biggest bank HSBC said on Tuesday.
Hundreds of Hong Kong police used sledgehammers and chainsaws on Tuesday to tear down barricades erected by pro-democracy protesters near government offices and the financial centre, reopening a major road for the first time in two weeks.
Britain's major lenders may find it hard to hire dozens of directors that are required as part of a radical reshape of the industry aimed at protecting it from future investment bank crashes.
Hong Kong is poised for a showdown with China when the Chinese parliament meets later on Sunday, with the largely rubber-stamp body likely to snuff out hopes for a democratic breakthrough in the regional financial hub at elections due in 2017.
