Two funds being sued along with HSBC in connection with Bernard Madoff’s ponzi scheme have filed cross claims against the bank, Bloomberg has reported. According to Bloomberg, Alpha Prime Fund Ltd and Senator Fund SPC have lodged claims for damages with the US Bankruptcy Court in Manhattan, alleging that HSBC failed in its duty to [...]
HSBC has strengthened its relationship with Aviva, having extended an existing general insurance agreement with the insurer and appointed it preferred strategic partner in the UK and Europe. In the UK, an exclusive deal for home, travel and creditor business will now run until 2016, while the strategic partnership should provide other significant opportunities for [...]
HSBC is pulling out of the Russian retail-banking sector with immediate effect. An “important announcement” on the group’s Russian website states “we have made the decision to concentrate our business in Russia on servicing corporate clients”. Accordingly: “The retail banking operations, including HSBC Premier and HSBC Plus, will be closed to new business with immediate [...]
HSBC has reported pre-tax profit of $19 billion for 2010, with profit more than doubling compared with a year earlier as loan impairment charges fell to $12.4 billion, their lowest level since 2006. Europe’s biggest bank said it was profitable in every customer group and region, including North America, where it had previously been troubled [...]
Easy access savings accounts are costing UK savers £629 million in interest each year, or £78.50 per savings account, claims first direct. Research from the HSBC subsidiary shows that over the past decade, fixed-rate deals have offered better returns than variable rate products. Not surprisingly 2008, the year that saw the base rate plummet to [...]
The disgruntled HSBC customer behind the hsbc-gave-away-my-info website has extended his campaign to a “clean graffiti” event, This is Money has reported. The unnamed entrepreneur claims that HSBC staff gave details of his accounts to an ex-employee, who was not a signatory on any of the accounts, with “no identification, no signatures and no proof [...]
HSBC Holdings plc has announced the appointment of Samir Assaf as chief executive of its global banking and markets business, effective 1st January 2011. He succeeds Stuart Gulliver, who becomes group chief executive on the same date. Mr Assaf, who is currently head of global markets, will report to Mr Gulliver and in his new [...]
Further details have emerged of a $9 billion court case involving HSBC and brought by Irving Pickard, the trustee appointed in connection with the liquidation of Bernard Madoff’s investment firm. According to reports, Mr Pickard alleges that the bank ignored repeated warnings that Mr Madoff was a fraudster and that his ponzi scheme was dependent [...]
HSBC is being sued for $9 billion by Irving Picard, a trustee appointed in connection with the liquidation of Bernard Madoff’s investment firm. Mr Picard has reportedly asked accountancy firm KPMG to investigate the bank’s involvement with the funds that fed Mr Madoff’s ponzi scheme. The Trustee has already filed a $6.4 billion claim against [...]
HSBC has announced a reshuffle at the top, ahead of the departure of outgoing group chief executive, Michael Geoghegan. The bank has appointed Paul Thurston as chief executive retail banking and wealth management, with effect from 1st March 2011; Mr Thurston will be based in Hong Kong, reporting to group chief executive designate, Stuart Gulliver. [...]
The Office of Fair Trading (OFT) has imposed certain requirements on Alliance and Leicester Personal Finance Limited (part of Santander), American Express Services Europe Limited, HFC Bank Limited (part of the HSBC Group) and Welcome Financial Services Limited (part of Cattles plc), regarding their use of charging orders. A charging order is a court order [...]
