European banking correspondent
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Feb 23, 2015

HSBC says Swiss scandal has brought “shame” on bank

LONDON, Feb 23 (Reuters) – HSBC reported a
deeper-than-expected 17 percent slide in annual pretax profit
and cut its earnings target, saying allegations its Swiss
business had helped customers to dodge taxes had brought shame
on the bank.

Earnings from Europe’s biggest lender on Monday reflected
the cost of past misconduct and protecting itself against the
impact of further scandals. HSBC said allegations about its
Swiss operations had badly damaged its image.

Feb 23, 2015

HSBC says deeply regrets Swiss bank failings

LONDON (Reuters) – HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz) reported a deeper-than-expected 17 percent slide in annual pretax profit and cut its earnings target, saying allegations its Swiss business had helped customers to dodge taxes had brought shame on the bank.

Earnings from Europe’s biggest lender on Monday reflected the cost of past misconduct and protecting itself against the impact of further scandals. HSBC said allegations about its Swiss operations had badly damaged its image.

Feb 20, 2015

HSBC Swiss tax scrutiny set to overshadow $21 billion profit

LONDON (Reuters) – When HSBC’s marketing team began drawing up plans for next month’s 150th anniversary celebrations, they weren’t expecting top managers to spend the run-up to the event apologizing to investors and lawmakers.

Yet allegations that HSBC’s Swiss private bank helped clients dodge taxes will cast a shadow over its anniversary plans in the first week of March and over its annual results this Monday. Its bosses will also be grilled on the issue by members of the UK parliament on Wednesday.

Feb 20, 2015

Exclusive – RBS poised to take 4 bln stg hit on value of U.S. bank Citizens – sources

LONDON (Reuters) – Royal Bank of Scotland is likely to write down the value of its U.S. bank Citizens by about 4 billion pounds ($6.2 billion) next week, industry sources said, potentially wiping out much of the state-backed bank’s annual profit.

The writedown of goodwill would be because the U.S. bank is not worth as much as RBS paid for it, and serves as another reminder of the hefty price paid for past acquisitions by former chief executive Fred Goodwin.

Feb 20, 2015

RBS poised to take 4 billion pound hit on value of U.S. bank Citizens – sources

LONDON (Reuters) – Royal Bank of Scotland (RBS.L: Quote, Profile, Research) is likely to write down the value of its U.S. bank Citizens by about 4 billion pounds ($6.2 billion) next week, industry sources said, potentially wiping out much of the state-backed bank’s annual profit.

The writedown of goodwill would be because the U.S. bank is not worth as much as RBS paid for it, and serves as another reminder of the hefty price paid for past acquisitions by former chief executive Fred Goodwin.

Feb 20, 2015

RBS poised to take four billion pounds hit on value of U.S. bank Citizens: sources

LONDON (Reuters) – Royal Bank of Scotland (RBS.L: Quote, Profile, Research, Stock Buzz) is likely to write down the value of its U.S. bank Citizens by about 4 billion pounds ($6.2 billion) next week, industry sources said, potentially wiping out much of the state-backed bank’s annual profit.

The writedown of goodwill would be because the U.S. bank is not worth as much as RBS paid for it, and serves as another reminder of the hefty price paid for past acquisitions by former chief executive Fred Goodwin.

Feb 20, 2015

RBS poised to take 4 bln stg hit on value of U.S. bank Citizens -sources

LONDON, Feb 20 (Reuters) – Royal Bank of Scotland is
likely to write down the value of its U.S. bank Citizens by
about 4 billion pounds ($6.2 billion) next week, industry
sources said, potentially wiping out much of the state-backed
bank’s annual profit.

The writedown of goodwill would be because the U.S. bank is
not worth as much as RBS paid for it, and serves as another
reminder of the hefty price paid for past acquisitions by former
chief executive Fred Goodwin.

Feb 15, 2015

HSBC says sorry over past standards at Swiss bank

LONDON (Reuters) – HSBC apologised to customers and investors on Sunday for past practices at its Swiss private bank after allegations that it helped hundreds of clients to dodge taxes.

Europe’s largest bank said in full-page advertisements in British newspapers that recent media coverage that focused on the Swiss operation and financial affairs of some of its clients had been a painful experience and that standards in place today “were not universally in place” in the past.

Feb 15, 2015

Britain’s HSBC says sorry over past standards at Swiss bank

LONDON, Feb 15 (Reuters) – HSBC apologised to
customers and investors on Sunday for past practices at its
Swiss private bank after allegations that it helped hundreds of
clients to dodge taxes.

Europe’s largest bank said in full-page advertisements in
British newspapers that recent media coverage that focused on
the Swiss operation and financial affairs of some of its clients
had been a painful experience and that standards in place today
“were not universally in place” in the past.

Feb 13, 2015

HSBC chief says bank sometimes fell short of standards

LONDON, Feb 13 (Reuters) – The boss of HSBC said
the bank had sometimes failed to live up to the standards
expected of it, in his first response to allegations of helping
hundreds of people dodge taxes.

HSBC this week admitted failings in compliance and controls
in its Swiss private bank after media allegations it may have
enabled clients to avoid paying tax, but Chief Executive Stuart
Gulliver said many people alleged to have been clients had long
since left and some never were clients.

    • About Steve

      "Responsible for overseeing coverage of the European bank sector and direct coverage of the international UK-based banks, based in London. Have been in current role for three years, and for previous three years was UK banking reporter. Have over 15 years experience as a financial newswire journalist in London and New York."
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