LONDON (Reuters) – British bank HSBC Holdings Plc admitted on Sunday failings by its Swiss subsidiary, in response to media reports it helped wealthy customers dodge taxes and conceal millions of dollars of assets.
“We acknowledge and are accountable for past compliance and control failures,” HSBC said on Sunday after news outlets including French newspaper Le Monde and Britain’s The Guardian published allegations about its Swiss private bank. bit.ly/1zM7Tun
LONDON, Feb 5 (Reuters) – The administrators for foreign
exchange broker Alpari UK have been unable to sell the business
after the company was crippled by losses caused by Switzerland’s
removal of its cap on the Swiss franc.
The joint administrators from KPMG said on Thursday they had
sold the firm’s intellectual property assets, including the
Alpari trademark, to co-founder and main shareholder Andrey
LONDON, Feb 4 (Reuters) – Indonesian businessman Samin Tan
has repaid $200 million of a $1 billion loan to Standard
Chartered and Raiffeisen and has not defaulted
on any of the debt, one of the executives at his company said.
A $1 billion loan by Standard Chartered to Borneo Lumbung
Energi & Metal, an Indonesian coal mining company
controlled by Tan, has become a headache for the bank because
Tan’s businesses have been hit by falling coal prices.
LONDON, Feb 4 (Reuters) – Thousands of bond, currency and
commodities traders in London should have to pass an exam and
obtain a new qualification to trade as part of attempts to raise
standards, Britain’s bank lobby group said on Wednesday.
The British Bankers’ Association (BBA) said a “licence to
trade” qualification and tougher codes of conduct should be
introduced to strengthen trust in financial markets after a
series of damaging scandals.
LONDON, Jan 29 (Reuters) – Standard Chartered’s
board will discuss succession planning at a meeting in
Washington, D.C., on Thursday, people familiar with the matter
The meeting is a regularly scheduled meeting, the bank said,
declining to discuss further details, or the agenda.
LONDON, Jan 20 (Reuters) – Lending to Russia by overseas
banks slumped by $11 billion between July and September last
year and lending to Ukraine fell by $2.3 billion as political
and economic tension in the region increased, lending data
International banks reduced their lending to Russia in the
year to the end of September by $46 billion, or 19 percent, to
$196 billion, after risk-based adjustments, according to data
released on Tuesday by the Bank for International Settlements.
The BIS data track cross-border lending by banks.
LONDON (Reuters) – The Swiss franc shock reverberated through currency trading firms around the world on Friday, wiping out many small-scale investors and the brokerages that cater to them and forcing regulators to take a closer look at the sector.
Some major banks also lost out when the Swiss National Bank scrapped its three-year-old cap on the franc against the euro EURCHF=EBS without warning on Thursday, including Britain’s Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) which lost “tens of millions” of dollars, an industry source said.
LONDON (Reuters) – London and Wall Street bankers look set to get slightly lower bonuses for 2014 than the year before, based on pay details released this week by big U.S. banks and expectations in the industry.
Goldman Sachs said on Friday its staff were paid $12.69 billion in compensation and benefits for 2014, up 0.6 percent on 2013. That equated to an average of $373,000 for its 34,000 employees, down 2.6 percent after it added staff in the year.
LONDON (Reuters) – Banks told nine trade associations in Britain on Friday they should merge into a single body to strengthen lobbying in Europe and slash membership costs.
A working group of banks that includes HSBC, Barclays and Lloyds said in a consultation paper there are too many trade groups, leading to duplication of lobbying and a lack of strategic direction.
LONDON (Reuters) – Shares in Switzerland’s two big banks UBS and Credit Suisse slumped as much as 15 percent on Thursday after a massive strengthening in the Swiss franc raised the threat that reported earnings will be hit hard.
The Swiss National Bank (SNB) shocked financial markets by scrapping a three-year-old cap on the franc, sending it soaring nearly 30 percent against the euro. The SNB also cut interest rates, which were already negative, to minus 0.75 percent.