The Bank of England fined HSBC £57.4 million ($72.8 million) for "serious failings" in customer money protection.
Tags: HSBC
HSBC Promotes CFO Georges Elhedery to CEO
HSBC announced that Georges Elhedery, its chief financial officer, will become the firm’s next CEO effective Sept. 2.
Major Banks Hit With IT Glitch, Leaving Thousands Struggling to Access Money on Payday
Thousands of British bank customers expressed frustration on social media after an IT glitch disrupted digital banking services during payday, leaving many unable to access accounts or process transactions.
HSBC Executive Mimi Wong Wins Lawsuit Against Dance Instructors Over Insult
Mimi Wong, a former HSBC executive, wins a lawsuit after suing dance instructors for HK$62 million in prepaid fees, alleging public insults and calling her a "lazy cow."
HSBC Fined $8.5M For Mishandling Finances of 1.5 Million Customers
HSBC faces an $8.6 million penalty for mishandling customers in financial difficulty. The Financial Conduct Authority revealed the bank's failure to consider circumstances, endangering 1.5 million individuals.
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Israeli fintech hub initiative is receiving $2 million investments from Chinese venture capital firm Pando Group. The partnership is expected to build the bridge between Israel companies and the Asian markets.
It was agreed that Samsonite is to acquire luggage-manufacturer rival Tumi for about $1.8 billion. Samsonite has long been interested in Tumi and its acquisition is considered the biggest deal made by Samsonite.
Earlier this month, Chinese state-owned company ChemChina reached an acquisition deal of $43 billion with Swiss company Syngenta. After clearing regulation requirements in China, ChemChina is now seeking out loans of more than $35 billion from bankers to fund the purchase.
HSBC Holdings Plc is not thinking it's time to deepen cuts at its securities unit. The bank's investment unit is suffering from drop in trading revenues amid sluggish financial markets. HSBC Holdings is aiming to reduce costs by $5 billion by 2017.
This summer HSBC will allow 15 million customers to use the biometric system where account owners can access their accounts online through their fingerprints or voice. This scheme would make hackers and identity thefts difficult to mimic the real owners.
As per the federal agreement, HSBC has agreed to pay $470 million to provide relief to abused mortgage loan borrowers. The payment will be directed towards mainly Virginia, along with 48 other states. The bank, accused of malpractices like robosigning and bad loan designs, will now be monitored by an independent body to ensure it adheres to the revised banking standards and settlement terms.
State-owned Saudi Arabian Oil Co. (ARAMCO) is possibly going for an IPO aiming to raise funds for $1 trillion to $10 trillion. Some shares of the IPO may be awarded among the local banks and investors following ARAMCO’s action plan. However, experience in banking operations in the kingdom is believed to play the key role for selection which put HSBC and JPMorgan well ahead in the IPO grabbing race.
When Lehman Brothers collapse in 2008, it created a global economy setback. Global financial authorities work hard to prevent it from recurring. Now, they introduced new rules for the world's biggest banks to increase their cash reserve and avoid taxpayers bailouts.
Due to the lower cost of regulatory fines, HSBC's pre-tax profit in the third quarter increased 32 percent to $6.1 billion from $4.6 billion in the same period last year, beating analysts' expectations of $5.2 billion.
