ARTICLES RELATING TO
HSBC
Britain's biggest banks have received a boost when the consumer watchdog decided not to refer the market for personal current accounts be be probed.
Asia-focused bank HSBC says it will make another $2bn-$3bn of new cost savings by 2016, extending its restructuring plans.
Lloyds Banking Group is cutting another 850 jobs to reduce costs, bringing the total number of jobs axed by the British bank to around 35 000 since 2008.
HSBC has reported a near doubling in first quarter earnings demonstrating the benefits of a three-year restructuring, cost cuts and a drop in bad debt charges.
HSBC is cutting 1 149 jobs in Britain as part of a 3-year revival plan to reduce costs, raise returns and focus on profitable areas, the bank says.
Global banking giant HSBC says it will sell its insurance businesses in Singapore in a deal valued at around $19.3m, as part of its plan to cut costs.
The net profits of Asia-focused banking giant HSBC fell to $14.03bn in 2012, a year in which it was rocked by a US money-laundering scandal.
HSBC's restructuring had been necessary to simplify the bank's complex structure and wide geographical spread which had made it attractive to criminals, its CEO says.
China says it has approved HSBC's sale of its stake in insurance giant Ping An to a Thai conglomerate for $9.4bn.
Argentina has slapped a $6m fine on a local subsidiary of global banking giant HSBC for failing to report suspicious transactions, authorities say.
There has long been a joke that HSBC stands for "How Simple Became Complicated" and this seems ever more relevant after the US slapped it with the biggest fine ever.
In February 2008, Mexican authorities told the CEO of HSBC's Mexico unit that a local drug lord referred to the bank as the "place to launder money," US prosecutors say.
HSBC says it will pay a fine of $1.92bn in an agreement with the US Department of Justice over its inadequate compliance with anti-money laundering laws.
Europe's biggest bank is being probed by tax authorities into leaked data that reportedly showed it provided accounts in a tax haven for alleged criminals.
HSBC says that third-quarter profits slumped after taking $1.15bn in extra charges for a money-laundering scandal in the US and insurance mis-selling claims in Britain.
