Midweek Roundup: U.K. Regulator Says HSBC Should Downsize, Chinese Corruption Law Takes Effect, and More

HSBC must downsize and restructure how it manages group risk following reports last month that its Swiss private banking unit knowingly aided tax dodgers, said Andrew Bailey, the head of the U.K. Prudential Regulation Authority. The Financial Times reported Bailey's comments Wednesday. More The U.K. Public Accounts Committee is scheduled Monday to grill HSBC Chief Executive Officer Stuart Gulliver and two others over the financial institution's purported role in the tax evasion scandal, the Guardian said. More In the last decade, U.K. Metropolitan Police have investigated 180 million pounds worth of British properties purchased in the name of offshore shell...