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EU Commission Charges HSBC And Others

Posted by Sara | Opinion | Friday 23 May 2014 4:56 am

Europe’s biggest bank HSBC, U.S. peer JPMorgan, and France’s Credit Agricole have been charged by the European Union anti-trust regulators with rigging financial benchmarks linked to the euro.

EU Commission Charges HSBC And Others

It was further disclosed by the European Commission that it would charge broker ICAP soon for suspected manipulation of the yen Libor financial benchmark. European and U.S. regulators have till now handed down some $6 billion in fines to 10 banks and brokerages for rigging the London interbank offered rate (Libor) and Euribor, its euro cousin, while 16 men have been charged with fraud-related offenses by prosecutors.

“The Commission has concerns that the three banks may have taken part in a collusive scheme which aimed at distorting the normal course of pricing components for euro interest rate derivatives,” the EU competition authority said.

HSBC, JPMorgan, Credit Agricole, and ICAP Could face penalties of up to 10 percent of their global turnover if they are found guilty of breaching EU anti-trust rules.

A record 1.7-billion-euro ($2.3 billion) fine was levied on six banks including Deutsche Bank, Royal Bank of Scotland, and Citigroup in December for similar offences and the lenders settled their charges and received a 10-percent cut in their fines.

European Competition Commissioner Joaquin Almunia said regulators have yet to decide on the next step of an ongoing investigation into suspected collusion and rigging in the trillion-dollar foreign exchange market. “We received lots of information and we are looking into this information…We are not yet at this moment when I can announce steps of this case,” he said.

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HSBC has no immediate plans to move to Hong Kong

Posted by Sara | Opinion | Tuesday 12 October 2010 9:51 pm

HSBC has no immediate plans to move to Hong KongThere are no plans to move headquarters of HSBC from London, according to top executives at HSBC Holdings Plc. during a recent regular board meeting.

Incoming Chief Executive Stuart Gulliver, in reference to speculation sparked by the bank’s decision to move senior management to Hong Kong said no decision has yet been reached to move the headquarters.

From in.news.yahoo.com:

The move by outgoing CEO Michael Geoghegan and his team to Hong Kong was a smooth transition, reflecting the bank’s rising focus on Asia and fuelling a belief the bank would one day shift its home base back to Greater China.

But when Chairman Stephen Green made his surprise announcement this month that he would leave the company earlier than expected, his exit set off a scramble among top executives.

The normally staid bank seized headlines last week as it appointed a new chairman, chief executive and finance director after reports of internal bickering over the new roles.

Geoghegan and board director John Thorton were passed over for the chairman’s role. Geoghegan, who media reports said threatened to quit if he did not get the chairman job, has called HSBC’s new leadership team “awesome”.

“I have had 37 great years with the bank in 11 countries and four continents,” Geoghegan told about a dozen reporters who had camped out since early morning at HSBC’s headquarters in the heart of Shanghai’s financial district, seeking a chance to talk with board members before their meeting.

Comments on the recent management shake-up have been looked after by a group of Hong Kong and local reporters following the HSBC board members around Shanghai.

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