HSBC: $100m fine to settle US forex investigation

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".

Continue reading

HSBC profits jumps in Q3 on booming Asia

Banking giant HSBC has reported pre-tax quarterly profits of $4.6bn (£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.

Continue reading

US Fed fined HSBC over unsafe forex trades

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.

Continue reading

HSBC and IBM work together to develop cognitive trade finance tool

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.

Continue reading