HSBC headquarters in Hong Kong. And apologized for allowing the company to launder money through the arm in the United States. Photo by Bobby Yip / Reuters
HSBC and apologized for the "shame" the collapse of the systems that failed to stop the bank from money laundering to terrorists and drug barons as they set aside $ 700M (£ 445m) for Potential fines in the United States and 1.3bn dollars other ill-sell financial products in the United Kingdom.
The Bank insisted that those responsible for violations of the rule in the United States, Mexico has left work and had made up the bonuses back from staff who are allowed to pump billions of dollars through illegal financial system.
Given that the clawback was possible only since 2010, focusing attention on the former chief executive Michael Geoghegan and Sandy Flockhart, the former head of Mexican operations, who left this month for health reasons, and a candidate for the clawback. The other bonuses have been reduced.
Admitted to Stuart Gulliver, chief executive of HSBC, the fine in the end that the U.S. authorities may be "higher, perhaps much higher," after the report of the Senate in the United States and found that the arm it had allowed to launder money for terrorists and drug barons because of " widespread pollution of its "culture.
He said Gulliver, who took office last year after 30 years in the bank, the bank reform "the structure of the Union" in an attempt to avoid re-run of the problems in the United States. "I very much regret the failure of HSBC in the past and very much apologize to them," said Gulliver also reported a rise in bank profits to $ 12.7bn (£ 8bn), although the basic earnings fell by 3% to $ 10.6bn.
"What happened in Mexico and the United States is a shame, it's embarrassing, it's very painful for all of us in the company," said Gulliver.
HSBC also has had to allocate another $ 1.3bn for mis-selling payment protection insurance (PPI) for individuals and interest-rate swaps for small businesses. From this, $ 1bn is the producer price index - where banks all over the UK has now taken the provisions of £ 8.5bn - and $ 240m of interest-rate swaps. Led to the provisions of the sale of poor European business to the loss of $ 667m in the first half.
No longer run the bank and the process with a presence in 80 countries ", where the head of state is King," but it is an integrated work with the four heads of the global concentration of standards and controls through a beefed-up compliance. Spend of $ 400M last to comply.
Gulliver said, that reward is linked to a bank's reputation, "In light of this new strategy, HSBC and now runs and managed as a truly global, making it easier to identify, monitor and enforce standards."
Also been discovered in the bank fraud scandal Libor, but did not put any text on a fine or possible cases illegal. The Barclays Bank was fined £ 290m to manipulate Libor On Tuesday, Deutsche Bank will face questions about their exposure to regulatory investigations into the attempts to manipulate the key interest rates.
He said HSBC Gulliver can discipline people and claw back bonuses as a result of money laundering scandal in the United States, covering the period from 2004 to 2010. The president refused, Douglas Flint, to say how many employees who have left or bonuses may be recovered, other than to say that it was "more than a few." Flint and apologized as well. "HSBC has made mistakes in the past, and for them I am very sorry. Frankly, in certain areas and we have not lived up to the standards that I and my colleagues, and our regulators, customers and investors expect," he said.
"We can not undo the mistakes but I can assure you that is determined by Stuart Gulliver and I, and made it a priority to the most important, to promote the HSBC and promote our values."
The bank is also bleak for Europe, said while "European leaders will take the necessary measures to maintain the euro", and in the euro zone economy will contract this year, and in the United States will not be there, "subpar growth." He predicted that there will be "landing" in China. They pay dividends in the second quarter of $ 0.18. Shares closed 12p higher at 543.1p.
HSBC and apologized for the "shame" the collapse of the systems that failed to stop the bank from money laundering to terrorists and drug barons as they set aside $ 700M (£ 445m) for Potential fines in the United States and 1.3bn dollars other ill-sell financial products in the United Kingdom.
The Bank insisted that those responsible for violations of the rule in the United States, Mexico has left work and had made up the bonuses back from staff who are allowed to pump billions of dollars through illegal financial system.
Given that the clawback was possible only since 2010, focusing attention on the former chief executive Michael Geoghegan and Sandy Flockhart, the former head of Mexican operations, who left this month for health reasons, and a candidate for the clawback. The other bonuses have been reduced.
Admitted to Stuart Gulliver, chief executive of HSBC, the fine in the end that the U.S. authorities may be "higher, perhaps much higher," after the report of the Senate in the United States and found that the arm it had allowed to launder money for terrorists and drug barons because of " widespread pollution of its "culture.
He said Gulliver, who took office last year after 30 years in the bank, the bank reform "the structure of the Union" in an attempt to avoid re-run of the problems in the United States. "I very much regret the failure of HSBC in the past and very much apologize to them," said Gulliver also reported a rise in bank profits to $ 12.7bn (£ 8bn), although the basic earnings fell by 3% to $ 10.6bn.
"What happened in Mexico and the United States is a shame, it's embarrassing, it's very painful for all of us in the company," said Gulliver.
HSBC also has had to allocate another $ 1.3bn for mis-selling payment protection insurance (PPI) for individuals and interest-rate swaps for small businesses. From this, $ 1bn is the producer price index - where banks all over the UK has now taken the provisions of £ 8.5bn - and $ 240m of interest-rate swaps. Led to the provisions of the sale of poor European business to the loss of $ 667m in the first half.
No longer run the bank and the process with a presence in 80 countries ", where the head of state is King," but it is an integrated work with the four heads of the global concentration of standards and controls through a beefed-up compliance. Spend of $ 400M last to comply.
Gulliver said, that reward is linked to a bank's reputation, "In light of this new strategy, HSBC and now runs and managed as a truly global, making it easier to identify, monitor and enforce standards."
Also been discovered in the bank fraud scandal Libor, but did not put any text on a fine or possible cases illegal. The Barclays Bank was fined £ 290m to manipulate Libor On Tuesday, Deutsche Bank will face questions about their exposure to regulatory investigations into the attempts to manipulate the key interest rates.
He said HSBC Gulliver can discipline people and claw back bonuses as a result of money laundering scandal in the United States, covering the period from 2004 to 2010. The president refused, Douglas Flint, to say how many employees who have left or bonuses may be recovered, other than to say that it was "more than a few." Flint and apologized as well. "HSBC has made mistakes in the past, and for them I am very sorry. Frankly, in certain areas and we have not lived up to the standards that I and my colleagues, and our regulators, customers and investors expect," he said.
"We can not undo the mistakes but I can assure you that is determined by Stuart Gulliver and I, and made it a priority to the most important, to promote the HSBC and promote our values."
The bank is also bleak for Europe, said while "European leaders will take the necessary measures to maintain the euro", and in the euro zone economy will contract this year, and in the United States will not be there, "subpar growth." He predicted that there will be "landing" in China. They pay dividends in the second quarter of $ 0.18. Shares closed 12p higher at 543.1p.
No comments:
Post a Comment