Bank of England’s Open Forum: Osborne warns big bank fines aren’t a thing of the past November 11, 2015 Chancellor George Osborne has warned the huge fines levied on some of the world's biggest banks aren't a thing of the past, and will still serve to deter bad behaviour by bankers in the future. "If anyone thinks being unethical in the financial services industry is a good way to make money, I'd suggest they take [...]
Ed Miliband clashes with Lord Fink over HSBC tax avoidance claims February 11, 2015 Labour leader Ed Miliband yesterday pointed the finger at Conservative party treasurer Lord Fink alleging he was involved in tax avoidance as part of the growing scandal surrounding HSBC’s Swiss private banking arm. “Let’s take Stanley Fink who gave £3m to the Conservative Party. He [David Cameron] actually appointed him as Treasurer of the Tory [...]
HSBC Geneva office raided as leak prompts investigation by Swiss authorities into money laundering February 18, 2015 Authorities in Switzerland have launched an investigation into HSBC over allegations it advised wealthy clients how to avoid paying tax at its Swiss bank. Swiss police searched the premises of HSBC's Swiss private banking arm in Geneva on Wednesday as part of the probe. Swiss public prosecutors in the country have said they are probing [...]
Utilitywise sees boost to profits before tax as new exec named October 27, 2015 Utilitywise yesterday revealed an increase of profit before tax of 25 per cent to £16.7m for its year ended 31 July 2015. Revenue for the utility management consultancy, which counts HSBC and Krispy Kreme as customers, grew by 41 per cent to £69.1m. Geoff Thompson, Utilitywise chief executive, told City A.M. that the [...]
Labour MP John Mann says Tories blocking questioning of ex-HSBC boss Lord Stephen Green March 9, 2015 A leading Labour MP yesterday accused the Tories of blocking moves to summon former HSBC boss Stephen – now Lord – Green to the Treasury select committee to account for the controversy surrounding its Swiss operations. Lord Green, who left HSBC to join the House of Lords as a Conservative peer and trade minister in [...]
Financial Stability Board unveils $1.19 trillion plan to prevent “too big to fail” November 9, 2015 The world's biggest banks could be forced to issue as much as $1.19 trillion (£790bn) in bonds by 2022 under new regulations set out earlier today. The Financial Stability Board (FSB), which was set up by the G20 after the financial crisis to coordinate regulation across the group’s economies, published the new rules for the [...]
The five best quotes from Paddy Power’s results: Taylor Swift, HSBC, Chelsea and Liverpool March 3, 2015 Stunt-loving bookie Paddy Power has a way with words that makes for a more interesting read than the usual corporate earnings. Not only did the bookie pay out a windfall €392m (£285m) to shareholders after it reported a record profit of €167m, it gave the City some light relief. Never afraid to put some laughs into its lowdown on [...]
At the close: FTSE 100 index closes down on commodities and banks December 30, 2015 The FTSE 100 index closed down today over renewed fears of weakness in commodity markets and concerns over bank stocks after reports the Chinese central bank suspended a number of foreign banks from conducting some foreign exchange business. The UK's top blue-chip index shut 0.64 per cent down at 6,274 points, led lower by Glencore, [...]
David Gauke: Questions need to be answered about HSBC tax evasion accusations February 9, 2015 The financial secretary to the Treasury David Gauke has defended HMRC amid claims it “overlooked” tax evasion in the wake of allegations about HSBC – but said there are “clearly questions that need to answered” about the bank's actions. Gauke was today challenged by Labour MP for Birmingham Ladywood Shabana Mahmood, who wanted to [...]
Lord Green keeps Chambers of Commerce role as HSBC tax evasion row goes on February 16, 2015 Former HSBC boss Lord Green is keeping his role as a trade adviser to the British Chambers of Commerce (BCC), as the business group backed the embattled ex-government minister. Green was the chief executive and chairman of HSBC while its Swiss private banking arm helped wealthy clients evade taxes. He is now the focus [...]