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| HSBC's shares dive to lowest level since 1995 in HK | HSBC's shares dive to lowest level since 1995 in HK |
| (32 minutes later) | |
| HSBC's share price in Hong Kong has fallen to its lowest level since 1995 amid allegations of money laundering. | HSBC's share price in Hong Kong has fallen to its lowest level since 1995 amid allegations of money laundering. |
| HSBC allowed fraudsters to transfer millions of dollars around the world even after it had learned of their scam, leaked secret files show. | HSBC allowed fraudsters to transfer millions of dollars around the world even after it had learned of their scam, leaked secret files show. |
| The UK-based bank faces multiple pressures including political tension in Hong Kong and the pandemic fallout. | The UK-based bank faces multiple pressures including political tension in Hong Kong and the pandemic fallout. |
| On Monday in Asian trading, HSBC's share price fell more than 4% to below HK$30 (£3) as its freefall continued. | |
| This year its share price, which is also listed on the London Stock Exchange, has plunged by around 50%. | This year its share price, which is also listed on the London Stock Exchange, has plunged by around 50%. |
| While HSBC is headquartered in London, more than half of its profits come from the Asian financial hub of Hong Kong. | While HSBC is headquartered in London, more than half of its profits come from the Asian financial hub of Hong Kong. |
| Its role in a $80m (£62m) fraud is detailed in a leak of documents - banks' "suspicious activity reports" - that have been called the FinCEN Files. | Its role in a $80m (£62m) fraud is detailed in a leak of documents - banks' "suspicious activity reports" - that have been called the FinCEN Files. |
| HSBC moved the money through its US business to HSBC accounts in Hong Kong in 2013 and 2014. | HSBC moved the money through its US business to HSBC accounts in Hong Kong in 2013 and 2014. |
| The bank says it has always met its legal duties on reporting such activity. | The bank says it has always met its legal duties on reporting such activity. |
| Multiple pressures | Multiple pressures |
| Before the leaked files were revealed, HSBC had been under pressure on multiple fronts which has weakened its share price. | |
| Europe's biggest bank has set aside between $8bn and $13bn this year for bad loans as it expects more people and businesses to default on their repayments because of the coronavirus pandemic. | Europe's biggest bank has set aside between $8bn and $13bn this year for bad loans as it expects more people and businesses to default on their repayments because of the coronavirus pandemic. |
| In August it reported a 65% drop in pre-tax profits to $4.3bn for the first half of the year - much steeper than analysts had forecast. | In August it reported a 65% drop in pre-tax profits to $4.3bn for the first half of the year - much steeper than analysts had forecast. |
| It also became embroiled in a political battle over its support of China's national security law in Hong Kong and was lambasted by both the US and UK. | It also became embroiled in a political battle over its support of China's national security law in Hong Kong and was lambasted by both the US and UK. |
| Cost-cutting | Cost-cutting |
| HSBC is currently pushing ahead with major restructuring of its global banking operations. | HSBC is currently pushing ahead with major restructuring of its global banking operations. |
| Chief executive Noel Quinn, who officially took over in March, said the bank would further pivot into Asia as its European operations lose money. | Chief executive Noel Quinn, who officially took over in March, said the bank would further pivot into Asia as its European operations lose money. |
| Mr Quinn said HSBC would "accelerate" an earlier restructuring plan which includes the axing of 35,000 jobs. | Mr Quinn said HSBC would "accelerate" an earlier restructuring plan which includes the axing of 35,000 jobs. |
| UK bank Standard Chartered, which was also named in the leaked files, saw its Hong Kong share price fall in Monday Asian trading. | UK bank Standard Chartered, which was also named in the leaked files, saw its Hong Kong share price fall in Monday Asian trading. |