HSBC got plenty of attention when it disclosed that it had suspended foreclosures in its annual report Monday. But its not the only bank whose annual report made for interesting reading. The risk disclosures in banks' annual reports shed some light on their attitudes toward the mortgage mess.
Banks' paperwork problems aren't over: In its annual report, HSBC Holdings said it has suspended foreclosures in the U.S. after a government review found documentation problems.
HSBC Holdings Plc Chief Executive Officer Michael Geoghegan will step down at the end of the year after Europe's largest bank veered from its tradition of promoting its CEO to Chairman, the Financial Times reported, citing two people familiar with the process.
At least one client received a letter from the Justice Department saying the department had reason to believe the person held accounts overseas without reporting them to the IRS. The letter did not mention HSBC.
After a painful 2008, insurance companies have made a comeback, with plenty of cash on their balance sheets. As a result, mergers and acquisitions will likely dominate the insurance and reinsurance market in 2010.
