HSBC chief holds Swiss bank account but bank denies wrongdoing February 23, 2015 HSBC has acknowledged its chief executive, Stuart Gulliver, uses a Swiss bank account to hold his bonuses, following revelations published in the Guardian. Gulliver was shown to have sheltered money in a Swiss account through Panamanian company Worcester Equities Inc. But HSBC pointed out to the BBC that its chief executive has paid [...]
Argentina turns up the heat on HSBC with demand for £2.3bn of offshore cash March 9, 2015 Argentina is demanding that HSBC repatriate £2.3bn of its clients' money. The bank stands accused of moving the money offshore for tax advantages. The head of Argentina's tax authority, Ricardo Echegaray, claimed HSBC's actions threatened the stability of the Latin American state. Speaking at the Argentine embassy, Echegaray told a host of journalists "HSBC built [...]
HSBC under pressure to lower bonuses following tax dodging inquiry February 21, 2015 Top executives at HSBC are being encouraged to waive their bonuses for the year, following allegations the bank abetted tax dodging clients. Shareholders, politicians and large sections of the media will place the bank’s bonuses under intense scrutiny when its annual reports are released on Monday. According to the Financial Times, shareholders [...]
Rickie Fowler can win a Major this year after Abu Dhabi triumph – but will find it hard to break dominance of Jordan Spieth, Rory McIlroy and Jason Day January 25, 2016 The spotlight was on Rory McIlroy for what was his first tournament of the year – the Abu Dhabi HSBC Championship, which finished on Sunday – and it has to be said he did very little of note all week. Despite that, the Northern Irishman finished just two shots behind eventual winner Rickie Fowler and generally [...]
Best of the Brokers for 17 December 2015 December 17, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com BWIN.PARTY Citi analysts have upgraded Bwin.party to “buy” from “sell”, arguing that GVC Holdings’ reverse take-over of the betting company should drive multiple upsides, including €125m (£91m) in cost savings and a broader spread of geographic, regulatory and product risk. It has also [...]
Law firm fee income inches up for the first six months of the 2016 financial year December 22, 2015 Fee income for the UK's top 100 law firms has crept up in the six months to the 31 October 2015, increasing by 4.5 per cent compared to the same period the year before. According to Deloitte's most recent quarterly legal sector survey, which was released today, fee income also grew 4.7 per cent in the last quarter compared [...]
Taxman gives leaked HSBC data to the police and fraud squad February 11, 2015 MORE tax dodgers could face prosecution as HM Revenue and Customs (HMRC) yesterday said it would give a trove of leaked data to the police. MPs rowed viciously with tax officials over the case, which involved information from HSBC’s Swiss private banking arm. HMRC has raised £135m for the exchequer, but only prosecuted one tax evader. [...]
Politicians slam HMRC and FCA for HSBC tax evasion failure February 10, 2015 Senior MPs criticised the Financial Conduct Authority (FCA) and Revenue and Customs (HMRC) yesterday, after it was revealed the FCA was unaware of the wrongdoing at HSBC, and that HMRC had failed to pass on its concerns to the City watchdog. The chairman of the FCA, Martin Wheatley, made a pre-arranged appearance in front of [...]
Martin Wheatley says FCA was not informed of HSBC tax allegations February 10, 2015 The Financial Conduct Authority (FCA) did not know about the HSBC tax allegations until media reports released details on Sunday, according to the watchdog's chief executive. Earlier today, Martin Wheatley told the Commons Treasury Select Committee that no formal information regarding claims of tax evasion was passed on to the body. "I am [...]
The sea change in private banking: Why HSBC is right about the industry February 18, 2015 The HSBC revelations have been coming thick and fast this past week, and the bank has had to go so far as to apologise for its previous behaviour. It has been adamant that things are now different and that the transgressions of prior years are history. The real question is, can we take them at [...]