Under the chairmanship of John Bond, it spent £9 billion (US.5 billion) to acquire Household Finance Corporation (HFC), a US credit card issuer and subprime lender.In 2005, Bloomberg Markets magazine accused HSBC of money laundering for drug dealers and state sponsors of terrorism. Assistant Attorney General Lanny Breuer characterised HSBC compliance during this period as "stunning failures of oversight and worse.The bank released its latest earnings report along with the announcement of Flint stepping down.
Under the chairmanship of John Bond, it spent £9 billion (US.5 billion) to acquire Household Finance Corporation (HFC), a US credit card issuer and subprime lender.In 2005, Bloomberg Markets magazine accused HSBC of money laundering for drug dealers and state sponsors of terrorism. Assistant Attorney General Lanny Breuer characterised HSBC compliance during this period as "stunning failures of oversight and worse.The bank released its latest earnings report along with the announcement of Flint stepping down.Tags: Bachelor Thesis Research PlanThings Fall Apart Essay TopicsEssay MercantilismDescriptive Essay About A PlaygroundEssay On Thomas Hobbes And John LockeTips On Writing College EssaysQuote Authors Research PaperEssay On Halloween Party
(WTAS), would purchase a portion of Andersen's tax practice.
The new HSBC Private Client Services Group would serve the wealth and tax advisory needs of high-net-worth individuals.
The cuts would come from a combination of layoffs and attrition."Up to 2% of the bank's 237,685 employees could lose their jobs," the Journal reported on Monday, after HSBC said Flint will step down as CEO on Monday, after 18 months on the job.
In a statement, HSBC Chairman Mark Tucker said of Flint's exit: "In the increasingly complex and challenging global environment in which the Bank operates, the Board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us."Reuters, citing a person familiar with the matter, reported differences between Flint and Tucker over the pace and results of executing HSBC's strategy.
Another sticking point was related to turning around the bank's U. HSBC said it has appointed Noel Quinn, the bank's global commercial banking unit head, as interim CEO until Flint's successor is found.
Tucker said the bank has no fixed timeline to appoint a new CEO, but the search could take six to 12 months.He set out plans to invest billion to billion over three years in areas including technology and China.His surprise departure will leave investors wondering whether there will be any change in the bank's strategy, said Joshua Crabb, senior portfolio manager at asset management firm Robeco."When you get a change of this magnitude, people are going to be looking for what are the reasons, what should be expected if there's any change in strategy," Crabb told CNBC's "Squawk Box" before Tucker's conference call with investors and analysts.Those differences stemmed from Flint's softer approach to cutting costs and setting revenue targets for senior managers to boost profit growth, according to the Reuters report.During a conference call with investors and analysts on Monday, Tucker reiterated that there was "no disagreement on strategy." "I think the element where we have work to do is how we go about realizing those priorities," he added. In the conference call with investors and analysts, Stevenson said the turnaround in the bank's U. business is "not on track." He added the lender is not expected to achieve its target of 6% return on tangible equity by 2020 given the challenging environment.Then-CEO Stephen Green said that "This was a singular and wholly irresponsible attack on the bank's international compliance procedures", but subsequent investigation indicated that it was accurate and proved that the bank was involved in money laundering for the Sinaloa Cartel and throughout Mexico. The record of dysfunction that prevailed at HSBC for many years was astonishing." When HM Treasury required all UK banks to increase their capital in October 2007, the group transferred £750 million to London within hours, and announced that it had just lent £4 billion to other UK banks.In March 2009, HSBC announced that it would shut down the branch network of its HSBC Finance arm in the United States, leading to nearly 6,000 job losses and leaving only the credit card business to continue operating.On the new chief executive Stuart Gulliver announced that HSBC would refocus its business strategy and that a large-scale retrenchment of operations, particularly in respect of the retail sector, was planned.HSBC would no longer seek to be 'the world's local bank', as costs associated with this were spiralling and US.5 billion needed to be saved by 2013, with the aim of bringing overheads down from 55% of revenues to 48%.In 1980, HSBC acquired a 51% shareholding in US-based Marine Midland Bank, which it extended to full ownership in 1987.On 6 October 1989, it was renamed by the Legislative Council, by an amendment to its governing ordinance originally made in 1929, to The Hongkong and Shanghai Banking Corporation Limited, and became registered as a regulated bank with the then Banking Commissioner of the Government of Hong Kong.