Latest HSBC News – Nov, 2015.
HSBC, Barclays and RBS Could Pay More Fines
Further investigations into the conduct of major banks during the financial crisis show no signs of slowing down, according to Moody’s, and now major banks have set aside £144 billion to pay fines and legal costs.
The ratings agency Moody’s, which calculated the provisions suggested that HSBC, RBS and Barclays were the most vulnerable to further fines from the on-going investigations being carried out. The agency also noted that the risk of criminal proceedings against the banks could threaten their future profitability, a statement which will doubtlessly send a shiver into investments hearts.
HSBC is regarded as a high risk because of its breaches of money laundering laws in the USA, and fears that it could have done a similar thing here in the UK. If that does prove to be the case, then the government would surely seek to make an example of the bank, and lead to some hefty fines.
Source: The Guardian
HSBC Invests $1 Billion Into Green Bond Portfolio
There’s little doubt amongst the world that we have to begin investing heavily in green energy in order to sustain our species into the coming centuries, but a large share of the work has to be done by governments and big banking organisations. That’s why today’s news that HSBC will be investing $1 billion into a green bond portfolio is such great news, and why the 0844 381 6303 customer contact number has been lit up with praise for the company.
The portfolio will cover a range of potential projects including renewable energy, energy efficiency, clean transportation and climate change adaptations. “We are building our business for the long term and over the last 10 years HSBC has developed its approach to climate change. The bank integrates climate policy, insight and education into the Group’s global businesses and operations. Sustainability underpins our strategic priorities and enables us to fulfil our purpose as an international bank and this is yet another commitment to evolving our sustainable business.”
Paul Walsh To Join HSBC Board
The HSBC board has seen another shakeup, as one of its longest serving non-executive directors prepares to retire from his position. Now, as that eventuality looms closer, HSBC have appointed two new faces to the board – Paul Walsh and Henri de Castries.
Mr Walsh comes from the company behind Smirnoff Vodka and Captain Morgan rum, and will join the board from the 1st of January, 2016. Mr Castries however, is the current chairman and CEO of French insurance giant AXA, and will join the bank as a non-executive director from the 1st of March, 2016.
The new directors will be a part of the discussion on where the bank should be based out of, a choice which will not only affect the location of the bank’s headquarters, but also its group tax status and its home regulatory body. The bank has been based in the UK since the early 90s, when it purchased Midland Bank and moved out of Hong Kong to the UK. However, they’re considering their options, citing factors such as the UK’s tax regime, the Conservative government’s position over the EU and the rapid growth of emerging market economies as reasons to move out of the UK.
Source: The Telegraph