View more on these topics

HSBC posts £8.7bn profit as it braces for more fines


HSBC has reported its half-year profits are up 10 per cent to £8.7bn as it sets aside £731m to deal with a raft of ongoing regulatory investigations.

The bank posted a pre-tax profit of £7.9bn at the same time last year.

Its interim results, published today, reveal HSBC has made a provision of £731m to cover “settlements and provisions in connection with legal matters”.

The bank is subject to an FCA past business review into its anti-money laundering systems and controls, and has already made payments totalling £1.2bn to US authorities related to not complying with anti-money laundering rules in the past.

HSBC says it is also co-operating with global authorities over allegations that its Swiss private banking arm helped clients evade tax.

Other live investigations include reviews into the manipulation of benchmark rates such as Libor and foreign exchange rates, as well as claims over fixing the price of precious metals.

The bank is in the process of setting up a ring-fenced retail bank. The new retail headquarters will be based in Birmingham and should be completed by 2018.

HSBC says it has started “detailed work” into reviewing where to base its global headquarters, which is expected to be concluded by the end of the year.


FCA interior 620x430

HSBC UK chief exec to chair FCA practitioner panel

The FCA has appointed HSBC UK chief executive Antonio Simoes to chair the regulator’s practitioner panel. Simoes will succeed Lloyds Banking Group director of retail Alison Brittain in the role from 1 August. Brittain is leaving the financial services sector to join Whitbread Plc as chief executive. FCA chairman John Griffith-Jones says: The practitioner panel […]


Former HSBC chair admits Swiss private bank acquisition regrets

Former HSBC chairman Lord Green has admitted the bank should have been more diligent in its acquisition of a Swiss private bank later found to be aiding tax evasion. HSBC acquired its Swiss private banking arm in 1999, when Green was responsible for investment banking, private banking and asset management. Speaking to the House of […]

9 October thumbnail

Johnson Fleming set to host webinar on auditing auto-enrolment schemes

With 23 auto-enrolment compliance notices issued by the Pensions Regulator, and an evolving legislative landscape meaning previously compliant schemes may now be in breach of regulation, now is the time to think about auditing your auto-enrolment scheme. Johnson Fleming is hosting a webinar on 9 October at 11:00 on how to audit your scheme to ensure compliance, avoid breaches and fines and overcome data issues.


News and expert analysis straight to your inbox

Sign up


    Leave a comment