hsbc holdings

HSBC Chief Will Step Down at Year End, Flint Named Chairman

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.

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.

Government Investigating HSBC Clients for Tax Evasion

The Justice Department is investigating HSBC (HBC) clients who may have failed to disclose information about accounts held in India and Singapore, Bloomberg News reported, without naming its sources. At least one client received a letter from the Justice Department saying the department had reason to believe they held accounts overseas without reporting them to the IRS. The letter did not mention HSBC.

Insurers Feeling the Urge to Merge in 2010

Mergers and acquisitions will dominate the insurance and reinsurance market next year. The industry will fuel its urge to merge with balance sheets rehabilitated over the past year.