HSBC

HSBC to Pay $1.9 Billion to Settle Money-Laundering Case

HSBC agreed Tuesday to pay $1.9 billion to settle a U.S. money-laundering probe. Europe's largest bank will pay the biggest penalty ever imposed on a bank after facing accusations it transferred funds through the U.S. from Mexican drug cartels and on behalf of nations such as Iran that are under international sanctions.

Major Banks Cutting 160,000 Jobs Worldwide -- With More to Come

Major banks have announced some 160,000 job cuts worldwide since early last year, more layoffs are coming as the industry restructures. The numbers are much higher in Europe than in Asia or the United States -- and those loses will be a particularly heavy blow to Britain.

What to Do When Your Bank Branch Closes

In the past year, more than 750 bank branches in the U.S. have closed. If yours is the next one to shut its doors, there are things you need to think about -- even if you rarely set foot inside.

The Mortgage Mess Settlement Proposal: Off to an Awful Start

A partial settlement plan has been constructed by a group of state attorneys general and federal regulators. In theory, it addresses banks' flawed mortgage servicing, modification and foreclosure practices. In reality, it just lets the banks off the hook.

HSBC's Foreclosure 'Moratorium' Has Big Holes in it

HSBC announced late last month that it had put all of its U.S. foreclosures on hold to review their documents -- back in December. So why are its lawyers still pushing cases ahead? HSBC also says it doesn't robo-sign. So why does its annual report mention foreclosure document problems that sound so much like those caused by robo-signing?

Asian Shares Climb, HSBC Snags Pre-Earnings Report Gains

In Hong Kong HSBC shares rose 1.5% before the company's announcement early today in London that it had missed earnings estimates. The gain helped push the Hang Seng Index up 1.4.% In China the Shanghai Composite advanced 0.9% and in Japan the Nikkei 225 Index added 0.9%.

Higher Oil Prices Send Asian Shares Up

Asian investors brushed aside worries over continuously rising Chinese inflation today, focusing instead on bargain shopping. Energy companies were a major attraction as oil prices surged. Hong Kong's Hang Seng Index climbed 1.1% and China's Shanghai Composite Index advanced 0.9%. In Japan the Nikkei 225 Index edged up 0.6%.

Threat of Worsening Inflation Drags Shares Lower in China

Asian shares were mixed Monday. In China the Shanghai Composite Index fell 0.7% and in Hong Kong the Hang Seng Index edged down 0.3% as investors worried that inflation could rise further in the lead-up to Chinese New Year. However, Japan's Nikkei 225 Index climbed 0.7%.

U.K. Banks Face Government Levy

Five U.K. banks may have to pay hundreds of millions of pounds in a levy that aims to charge them for the risks they pose to the country%u2019s economy. The planned bank levy will raise a total of 2.5 billion pounds ($3.59 billion) a year from 2012 onwards, The Wall Street Journal said.

Some Madoff Victims Pursued by Trustee for Damages

Irving Picard, trustee for the victims of the Madoff fraud, has a new target - other Madoff clients. Picard has filed lawsuits against hundreds of defendants saying they profited from Madoff's giant Ponzi scheme, withdrawing more than they invested, CNN reported. He's seeking damages on behalf of those who lost money on their investments.

Madoff Trustee Sues HSBC for $9 Billion

Irving Picard, the trustee seeking money for victims of the Bernie Madoff scam, is suing HSBC Holdings (HBC) and feeder funds for at least $9 billion. Picard said that HSBC and a network of funds in Europe, the Caribbean and Central America sent Madoff more than $8.9 billion in business while ignoring indications that he was engaged in fraud, The Wall Street Journal reported.

HSBC May Consider Buying Northern Trust

HSBC (HBC) may be considering a bid for Northern Trust (NTRS), a California-based financial services group, The Daily Mail said. Northern Trust has more than $643 billion of assets under management and counts more than 20% of the wealthiest families in the U.S. among its clients.

Robo-Signing: California Dems Call for Federal Probe

The state's entire House Democratic delegation has asked the Justice Department, the Fed and Controller of the Currency to investigate the widespread -- and growing -- problem of banks presenting faulty documents in foreclosure cases.

HSBC Chairman Will Step Down to Become UK Trade Minister

Stephen Green, the chairman of British bank HSBC (HBC), will step down to become the United Kingdom%u2019s new Trade Minister, BBC News reported. The appointment will be announced later today, BBC News said without naming its sources.

Santander Buys HSBC U.S. Auto Finance Units for $3.56 Billion

HSBC Holdings (HBC) sold its last U.S. auto finance units to Spain%u2019s Santander (SA) for about $3.56 billion. Santander Consumer USA is also assuming $431 million in debt, The Associated Press reported. The Spanish bank is acquiring a loan book valued at $4.3 billion.

HSBC in Talks to Buy Controlling Stake in South Africa's Nedbank

British bank HSBC (HBC) is in talks to buy a controlling stake in Nedbank, South Africa%u2019s fourth-largest bank. HSBC is in talks with insurer Old Mutual, which currently owns the stake, BBC News reported. HSBC is aiming to acquire as much as 70% of Nedbank in a deal worth as much as 49.9 billion rand ($6.8 billion).

Legal Briefing: Federal Recognition and Rights for Gay Marriages

The Federal Defense of Marriage Act (DOMA) bars federal recognition of same sex marriages, which means that legally married gay couples cannot get the same federal benefits as heterosexual married couples including social security benefits. At the time of the lawsuit, over 1000 federal benefits were tied to marital status.

Legal Briefing: U.S. Targets More Rich Tax Cheats

Now that they are nearly done squeezing Swiss bank UBS for information about its wealthy tax-dodging clients, the IRS and the Justice Department are moving on to new tax fraud targets: Clients of London-based bank HSBC Holdings, mostly those with ties to India and Singapore.

Japanese Consumer Lenders Soar on Nikkei

Shares in Japanese consumer lenders surged on the news that plans are in the works for Osaka to become a special business zone. This would make it exempt from the heavy regulations that have strangled Japanese lenders with restrictions.