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HSBC Just Got Itself Blacklisted in Texas

Lone Star State isn't happy with bank's new gas and oil financing policy

(Newser) - In the view of state Comptroller Glenn Hegar, HSBC has just messed with Texas. His beef: The European banking giant took a stand in December against providing "new finance, or new advisory services" for new oil or gas fields, as well as any infrastructure "whose primary use is...

UK Offshoot of Failed US Bank Sells for ... $1.21

HSBC acquires Silicon Valley Bank subsidiary for 1 British pound

(Newser) - These are tense days in the world of banking , as seen in an unusual price tag Monday morning: HSBC will acquire the British subsidiary of Silicon Valley Bank for all of 1 British pound, reports the BBC . That's the equivalent of about $1.21. SVB, of course, is the...

Banks Are Laundering Trillions for the Bad Guys
Has Dug Up
Damning Bank
the rundown

BuzzFeed Has Dug Up Damning Bank Documents

The 'FinCEN files' show how criminals, terrorists, and corrupt leaders use Western banks

(Newser) - The new Panama Papers are out, and they're just as ugly—if not worse. Leaked government documents show that big banks are laundering untold trillions of dollars for shady operators around the world and getting away with it, BuzzFeed reports. JPMorgan Chase and HSBC appear to be among the...

He Was a Banker on the Rise. Then a Colleague Began Crying
His Boss Showed Him Her
Breast, He Ended Up Ruined
in case you missed it

His Boss Showed Him Her Breast, He Ended Up Ruined

Mike Picarella's attempts to report the alleged sexual harassment killed his career

(Newser) - Think your job is bad? Brace yourself for the tale of Mike Picarella. When he joined HSBC in May 2011 after a two-decade Wall Street career, the future looked bright. He reported to Eileen Hedges, and the intention was for him to become her—to eventually assume her managing director...

Thieves Tunnel Through Bank Roof, Steal $280K

And they didn't even trigger an alarm

(Newser) - Thieves stole $280,000 in cash and valuables from a Brooklyn bank over the weekend. The most impressive part: They didn't even trigger an alarm. Police were only tipped off to the robbery at the HSBC branch in Borough Park when employees arrived on Monday and found a tunnel...

Bankers Canned for 'Team-Building' ISIS Video

Which they reportedly made for a corporate exercise

(Newser) - If you're scratching your head trying to figure out how making a mock ISIS execution video is positive in any way, much less a valuable team-building exercise, you and HSBC management are on the same page. The bank has fired six UK employees for doing just that after they...

HSBC to Nix 25K Jobs, Double Down on Asia

Bank will also dump operations in Turkey, Brazil

(Newser) - HSBC Holdings, Europe's largest bank by market value, will cut up to 25,000 jobs around the world to reduce costs and shift its center of gravity back toward the fast-growing Asian economies where it started 150 years ago. The bank, currently based in London, said today it's...

Huge Leak Exposes Bank's Tax-Dodging Secrets

Whistleblower made off with 100K Swiss files

(Newser) - Herve Falciani may not be a household name, but he has done to banking giant HSBC what Edward Snowden did to the NSA. A huge cache of files the IT expert obtained in 2007 has revealed how HSBC's Swiss arm not only held secret accounts for some of the...

5 Banks Fined $3.4B for Market Manipulation

Foreign exchange probe involves Citibank, JPMorgan Chase, HSBC

(Newser) - US, British, and Swiss regulators have fined five global banks for attempting to manipulate foreign exchange markets—the latest penalties for an industry previously criticized for rigging interest rates and for its role in triggering the global financial crisis. Citibank, JPMorgan Chase Bank, Royal Bank of Scotland, HSBC Bank, and...

Thieves Rip Off $35K From MH370 Passenger Accounts

Suspects have been identified: police chief

(Newser) - Some $35,000 has been withdrawn from the bank accounts of four passengers aboard the lost Malaysia Airlines Flight 370—and no, authorities don't believe the passengers are alive and spending big. Malaysia's Star reports fraudsters funneled funds from three passengers' accounts into a fourth, then moved the...

Guy Wins Epic Legal Brawl With Bank Over Laptop Loan

His credit rating was zapped over computer he returned to store

(Newser) - Score one for the little guy in a fight against the banking industry—a 16-year fight to be exact. The Supreme Court in London has ruled in favor of a 44-year-old man who got severely penalized over a small loan for a laptop that he never actually owned, reports the...

Obama Declares Big Banks Too Big to Jail
 Obama Declares Big Banks Too Big to Jail

Obama Declares Big Banks Too Big to Jail

Decision not to prosecute bank's money laundering sparks outrage

(Newser) - The Obama administration officially bought into the idea that big banks are "too big to jail" yesterday, by deciding to fine HSBC instead of criminally prosecuting its vast money laundering operation—which funneled cash to Mexican drug cartels and Saudi banks with ties to al-Qaeda. The stated reason? The...

HSBC to Pay $1.9B in Money-Laundering Probe

British banking giant was accused of helping cartels

(Newser) - A law enforcement official says HSBC will pay $1.9 billion to settle a money-laundering probe by federal and state authorities into Europe's biggest bank. According to the official, the bank will pay $1.25 billion in forfeiture and pay $655 million in civil penalties. The $1.25 billion...

HSBC Exec Quits in Front of Senate Panel

Bank's anti-money laundering chief admits failure

(Newser) - Six people with top jobs at HSBC went before a Senate panel yesterday to answer charges of money laundering —and five left with those jobs intact. David Bagley, the British banking giant's head of compliance since 2002, announced his resignation in front of lawmakers, BusinessWeek reports. "I...

Senate: HSBC Handled Drug, Iran Money

Report slams bank's 'pervasively polluted' culture

(Newser) - Terrorists, drug lords, and pariah regimes looking for a way into the US financial system found British banking giant HSBC willing to assist, according to a damning report from a Senate probe. The report, the result of a year-long inquiry, found that safeguards at the bank's American affiliate were...

Subprime's New Frontier: Auto Loans

Banks jumping back into lucrative market

(Newser) - That whole "subprime crisis" hasn't scared banks away from the lucrative world of subprime lending. The nation's top subprime lenders—like Capital One, GM Financial, HSBC, and JPMorgan Chase—are all trying to woo back less-creditworthy borrowers, who tend to rack up late fees while paying rates...

HSBC to Cut 30K Jobs
 HSBC to Cut 30K Jobs 

HSBC to Cut 30K Jobs

But British bank hasn't said where

(Newser) - HSBC plans to cut some 30,000 jobs by 2013, shrinking its global workforce by 10%, the company says. As part of the plan, the British bank has cut 5,000 jobs this year, the AP reports. The firm didn’t say which countries would see cuts, though a rep...

Gadhafi Stashed Cash on Wall Street

Deals appear to have been legal

(Newser) - Moammar Gadhafi has a hefty chunk of Libya's money parked right here on Wall Street. The advocacy group Global Witness has released a document revealing that Libya’s sovereign wealth fund has invested $53 billion with help from Goldman Sachs, JP Morgan, HSBC, and European bank Société Gé...

HSBC Sued for Aiding Madoff
HSBC Sued for Aiding
Bernie Madoff

HSBC Sued for Aiding Bernie Madoff

Trustee says bank enabled fraud by ignoring warning signs

(Newser) - Bernie Madoff's Ponzi scheme survived for so long because HSBC ignored "red flags" and kept funneling investors' money to the fraudster, says the trustee trying to reclaim money for Madoff's victims. Irving Picard is suing the bank and a group of feeder funds for at least $9 billion, the...

Big Banks Laundered Money for Mexican Drug Gangs

Wachovia handled $378.4 billion in drug money

(Newser) - Some of the biggest banks in the US have been helping to funnel hundreds of millions of dollars to Mexican drug gangs, Bloomberg reports. Wachovia, for example, has admitted in court that it didn’t do enough to spot the $378.4 billion in drug money the cartels handed off...

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