HSBC reports 17% drop in annual pre-tax profit
23rd Feb 2015 08:17
HSBC has reported a 17% drop in pre-tax annual profit to $18.68bn, after the lender was hit by fines for its involvement in the foreign exchange rigging scandal. The bank's profits missed the $21.5bn that was estimated by analysts following $3.7bn in fines, settlements, UK customer redress and assoc
Read moreMonday newspaper round-up: HSBC chief, Terrorism, UK wages
23rd Feb 2015 05:56
Leaked files revealed that HSBC chief executive Stuart Gulliver hid millions of pounds in a Swiss account through a Panamanian company and is still tax domiciled in Hong Kong, according to The Guardian. A militant group told Muslims to attack Oxford Street and two London-based shopping centres late
Read moreMorgan Stanley picks Lloyds and Barclays as banks play "catch up"
20th Feb 2015 15:53
Morgan Stanley thinks European banks might now "start to play catch up" after an unusual period of underperformance in an improving macroeconomic environment. Although Greek concerns remain, the US investment bank believes some concerns about the banking sector are easing, such as deflationary risks
Read moreFriday newspaper round-up: Investment banking probe, British Gas, Bank mis-selling
20th Feb 2015 06:52
Investment banks in the UK are facing a competition probe by the Financial Conduct Authority, according to the Financial Times. The regulator "could force banks to stop selling products and be more transparent about how they charge clients", the paper said. Centrica's British Gas has said it might r
Read moreWednesday tips round-up: Wood Group, HSBC
18th Feb 2015 12:56
Investors should be wary of yesterday's surge in the shares of oil field services group Wood Group. The company reported a strong set of figures despite the recent drop in oil prices. However, one must keep in mind that most of that decline occurred towards the end of the year. That flattered the ou
Read moreSwiss prosecutors search HSBC premises in Geneva
18th Feb 2015 09:29
HSBC's Swiss arm was searched by prosecutors on Wednesday as part of a new money-laundering investigation, amid reports the bank helped clients dodge significant amounts of tax but hiding funds overseas. Officials swarmed the Geneva-based premises after a money-laundering investigation was launched
Read moreWednesday newspaper round-up: Windfarm project, Greek bailout, US tech terror
18th Feb 2015 06:00
The world's largest offshore windfarm project expected to cost between £6bn and £8bn has been approved for construction off the Yorkshire coast by the UK's energy secretary, The Guardian said. Greece is prepared to request a bailout extension of up to six months, after a long day of negotiations on
Read moreUK investigation into HSBC may follow US model
11th Feb 2015 18:46
UK authorities could follow the example of their American counterparts in their probe into whether HSBC's Swiss private bank helped its customers dodge taxes. When US authorities prosecuted Swiss banks, including UBS and Credit Suisse, for helping US customers to evade taxes, they based their cases
Read moreWednesday newspaper round-up: Tory/HSBC scandal, Driverless cars, UK defence
11th Feb 2015 06:06
Prime Minister David Cameron has come under fire for appointing Lord Green of Hurstpierpoint as trade minister in 2011 after it was revealed he was responsible for HSBC's Swiss private banking business, according to The Times. HSBC has been caught out in a tax dodge scandal. Driverless car trials in
Read moreHSBC tax evasion claims were known to MPs in 2011, says former HMRC boss
10th Feb 2015 18:53
David Hartnett, the head of the HMRC in 2011, told MPs that his department was in possession of records from the Swiss subsidiary of a major UK bank, containing the names of potential tax dodgers. When Hartnett faced MPs four years ago, Stephen Green, the former chairman of HSBC was acting as trade
Read moreTuesday newspaper round-up: HSBC questioning, Cameron pay rises, Qualcomm fine
10th Feb 2015 05:52
The ex-head of Revenue and Customs and an ex-government minister have been called to explain how HSBC clients were able to hide £135m in the firm's Swiss branch without criminal charges, according to The Times. Prime Minister David Cameron will advise British businesses on Tuesday to give their empl
Read moreLondon close: Greek fears rattle stocks, but miners limit downside
9th Feb 2015 16:35
London's FTSE 100 had trimmed losses by the end of the session but still finished in the red as ongoing concerns about the future of Greece weighed on market sentiment. "Eurozone equities are being ground down by Greek fears, and financial stocks across the EU are bearing the brunt of the sell-off,"
Read moreHSBC Swiss bank leak exposes tax evasion data
9th Feb 2015 07:43
HSBC is in hot water in the UK and Europe after its Swiss arm was alleged to have helped clients evade millions of pounds in tax, with Belgium preparing to issuing a police warrant for the group's directors. The bank has featured in recent court cases in the US and Europe but thousands of new leaked
Read moreMonday newspaper round-up: HSBC tax dodge, UK pensioners, CGT loophole
9th Feb 2015 05:11
Leaked bank account files have revealed that HSBC's Swiss banking branch took part in tax avoidance schemes, helping well-off customers hide millions of dollars in assets, untraceable cash and domestic tax loopholes, wrote The Guardian. A multi-billion-pound bonds windfall unveiled by chancellor Geo
Read moreBarclays, HSBC, RBS have ratings cut by S&P
3rd Feb 2015 17:41
Standard & Poor's has downgraded a number of UK and European banks on Tuesday. Barclays and Lloyds were lowered by two notches to 'BBB', while Royal Bank of Scotland was downgraded two notches to 'BBB-' and S&P cut HSBC by a notch to 'A'. Standard Chartered was downgraded one level to 'A-', while t
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