HSBC Legal, Compliance Costs Surpass $1.6 Billion
Image: Title: GulliverNov. 4—London-based HSBC Holdings has set aside more than $1.6 billion to cover legal costs in connection with regulatory investigations and to make enhancements to its compliance operations. Of that amount, HSBC set aside $378 million to resolve claims with the U.K. Financial Conduct Authority that the bank ...
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
Article
Lessons From HSBC’s Size, Compliance Struggles
For nearly three years, HSBC Holdings, a grande dame of international banking, has come under fire for a litany of regulatory problems and compliance failures: money laundering, sanctions, violations, and abetting tax evasion to name just a few. How does a good bank fall into such dire straits? The problem, ...
-
Blog
Citigroup’s Legal Expenses Reach $2.7 Billion
Citigroup announced this week that it has set aside $2.7 billion to cover legal costs for the fourth quarter in connection with several ongoing regulatory investigations. “We believe these legal charges should cover a significant portion of our outstanding legal matters based on current information,” Citigroup CEO Michael Corbat said. ...
-
News BriefFTC sues Uber over deceptive subscriptions, a rare move for consumers by Trump officials
The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...