Feb 20, 2018
HSBC warns on $1.5bn penalty as Gulliver bows out as chief
HSBC has warned that it could pay at least $1.5bn in penalties over alleged tax evasion and money laundering at its Swiss private bank, casting a shadow over Stuart Gulliver's final day as chief executive. Mr Gulliver was due to hand control of the bank at midnight on Tuesday UK time to John Flint, HSBC's former global head of retail banking. Analysts said Europe's biggest bank by assets benefited from strong loan growth, particularly in Asia but was not gaining as much from rising US interest rates as hoped, prompting HSBC shares to fall 3.2 per cent by late afternoon in London. Mr Gulliver said that after multibillion-dollar investments in compliance and controls "HSBC is in a stronger and a better position today to protect itself and therefore the banking system from bad actors than it was in 2010". Mr Gulliver said revenues at the global banking and markets division, as HSBC's investment banking unit is known, fell 7.5 per cent in the quarter.
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