HSBC Legal, Compliance Costs Surpass $1.6 Billion
Image: Title: GulliverNov. 4—London-based HSBC Holdings has set aside more than $1.6 billion to cover legal costs in connection with regulatory investigations and to make enhancements to its compliance operations. Of that amount, HSBC set aside $378 million to resolve claims with the U.K. Financial Conduct Authority that the bank ...
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
Article
Lessons From HSBC’s Size, Compliance Struggles
For nearly three years, HSBC Holdings, a grande dame of international banking, has come under fire for a litany of regulatory problems and compliance failures: money laundering, sanctions, violations, and abetting tax evasion to name just a few. How does a good bank fall into such dire straits? The problem, ...
-
Blog
Citigroup’s Legal Expenses Reach $2.7 Billion
Citigroup announced this week that it has set aside $2.7 billion to cover legal costs for the fourth quarter in connection with several ongoing regulatory investigations. “We believe these legal charges should cover a significant portion of our outstanding legal matters based on current information,” Citigroup CEO Michael Corbat said. ...
-
News BriefSEC drops Morgan Stanley cash sweep case: Sign of the times?
A decision by the Securities and Exchange Commission to close an investigation into the cash sweep program at Morgan Stanley may affect decision-making at other financial institutions under similar scrutiny.