The US Justice Department and the country’s derivatives regulator said on Monday they had filed civil and criminal charges against three European banks, which paid $46.6 million to settle the cases, and eight individuals for alleged manipulation in US futures and commodities market.
HSBC has agreed to pay just over $100m in penalties to settle a US Department of Justice probe into currency rigging. The payment comprises of $38.4m in restitution and a $63.1m fine, with the latter reflecting a 15pc reduction "in recognition of HSBC’s cooperation during the investigation and its extensive remediation".
HSBC Private Bank, a Swiss unit of banking giant HSBC, has agreed to pay â‚¬300 million to avoid going to trial in France for enabling tax fraud, prosecutors said on Tuesday. HSBC was accused last year of helping French clients to hide at least â‚¬1.67 billion from the tax authorities, according to a source close to the probe.
Banking giant HSBC has reported pre-tax quarterly profits of $4.6bn (Â£3.5bn) for the three months to the end of September.
The result marks a huge 448% increase from $843m posted in the same period a year ago.
With one-off costs and currency impacts stripped out, HSBC posted a $3.8bn leap in pre-tax profits to $4.6bn for the third quarter, as it made a one-off loss on the sale of a business in Brazil last year.
Citigroup Inc, Deutsche Bank AG and HSBC Holdings Plc have agreed to pay a combined $132 million to settle a U.S. class action brought by futures traders accusing them of manipulating the Libor benchmark interest rate, according to a U.S. court filing, Reuters reported on Thursday.
HSBC has been fined $175 million on Friday for ‘unsafe and unsound’ practices in its currency trading business by Fed, as Reuters reported.
HSBC failed to monitor chat rooms where traders swapped information about investment positions, the U.S. central bank said, echoing findings by other regulators investigating the $5 trillion-a-day foreign exchange or FX market.
IBM and HSBC are developing cognitive intelligence technology that can be used to boost the success of financial services, freeing up staff time and allowing for more innovation.
The solution, which is already in use in Hong Kong and the UAE, uses IBM robotics technology to analyse documents, digitising and extracting the relevant data before feeding it into HSBC’s transaction processing systems.