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The axe may be falling on up to 50,000 positions at HSBC Holdings Plc but at least one department seems sheltered from the cost-cutting measures: the bank's compliance team.
Although headline-grabbing settlements north of $1 billion have become the new normal for depository institutions operating in the United States, how those deals are impacting bank behavior is still unclear, at least for now, according to Brandon Garrett.
Following last month's reports that HSBC's Swiss private bank served thousands of possible tax cheats, the U.K. government outlined plans Thursday to target tax evaders and those who assist them.
British lawmakers Monday sharply criticized HSBC’s leadership for failing to prevent widespread tax evasion by clients and take responsibility for the institution’s compliance lapses.
Facing parliamentary criticism, HSBC's top executives conceded Wednesday to "unacceptable" failures of its Swiss private banking unit that led to likely account abuses and subsequent reputational damage.
London-based HSBC Holdings Plc could find itself paying more to rectify past compliance problems following disclosures this week about the bank's services for clients with criminal ties, according to analysts.
