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HSBC job cuts and fines: a timeline HSBC job cuts and fines: a timeline
(about 2 hours later)
October 2008October 2008
As banks around the world are teetering on the brink of collapse, HSBC shores up its capital base in the UK by £750m. HSBC is in a stronger position than its rivals and does not need a taxpayer-funded bailout.As banks around the world are teetering on the brink of collapse, HSBC shores up its capital base in the UK by £750m. HSBC is in a stronger position than its rivals and does not need a taxpayer-funded bailout.
December 2008December 2008
HSBC reveals that data covering 30,000 accounts has been stolen from its Swiss arm. Former employee Hervé Falciani is arrested in Geneva, but flees to France with the files.HSBC reveals that data covering 30,000 accounts has been stolen from its Swiss arm. Former employee Hervé Falciani is arrested in Geneva, but flees to France with the files.
January 2011January 2011
Stuart Gulliver becomes HSBC’s chief executive, capping a long career at the bank. He has spent 20 of this 32 years at HSBC outside the UK and will keep his non-domiciled tax status. Stuart Gulliver becomes HSBC’s chief executive, capping a long career at the bank. He has spent 20 of his 32 years at HSBC outside the UK and will keep his non-domiciled tax status.
August 2011August 2011
Gulliver unveils plans to cut 30,000 jobs, a cost-cutting plan that will reduce HSBC’s staff numbers by almost 10%, down to 266,000. Unprofitable operations in some countries will be scaled back or cut, as HSBC concentrates on Asia, where it makes most of its profits. Gulliver unveils plans to axe 30,000 jobs, a cost-cutting plan that will reduce HSBC’s staff numbers by almost 10%, down to 266,000. Unprofitable operations in some countries will be scaled back or cut as HSBC concentrates on Asia, where it makes most of its profits.
December 2012December 2012
HSBC pays a record $1.9bn (£1.2bn) to settle charges that it wilfully flouted US money laundering controls to aid Mexican drug barons. US authorities say at least $881m in drug trafficking money was laundered throughout the bank’s accounts. Gulliver says he is “profoundly sorry” for the failures. HSBC pays a record $1.9bn (£1.2bn) to settle charges that it wilfully flouted US money-laundering controls to aid Mexican drug barons. US authorities say at least $881m in drug-trafficking money was laundered through the bank’s accounts for people on sanctions lists. Gulliver says he is “profoundly sorry” for the failures.
Related: HSBC moves to cut 25,000 jobs globallyRelated: HSBC moves to cut 25,000 jobs globally
November 2012
HSBC is fined £389m by US and UK regulators for rigging the £3.5tn-a-day foreign exchange markets. The bank is one of six fined a total of £2.6bn for clubbing together in groups called “the A-team” and “the players” to manipulate markets.
February 2014February 2014
HSBC reveals it will pay chief executive Stuart Gulliver allowances worth £32,000 a week on top of his £1.2m salary to get round EU bonus caps. HSBC reveals it will pay Gulliver allowances worth £32,000 a week on top of his £1.2m salary to get round EU bonus caps.
May 2014May 2014
The European Commission charges HSBC and two other banks (JP Morgan and Credit Agricole) of running a cartel to manipulate the Euribor rate, a key interest rate benchmark. All three banks deny any wrongdoing. The European commission accuses HSBC and two other banks (JP Morgan and Credit Agricole) of running a cartel to manipulate the Euribor rate, a key interest rate benchmark. All three banks deny any wrongdoing.
November 2014
HSBC is fined £389m by US and UK regulators for rigging the £3.5tn-a-day foreign exchange markets. The bank is one of six fined a total of £2.6bn for clubbing together in groups called “the A-team” and “the players” to manipulate markets.
February 2015February 2015
The Guardian and other international news organisations report on a huge cache of leaked secret bank files revealing that HSBC’s Swiss banking arm helped wealthy customers avoid taxes and conceal millions of dollars of assets. The revelations, which stem from the Falciani leak, trigger criminal probes in France, Belgium, Switzerland and Argentina. HSBC admits wrongdoing in its Swiss operations but says things have changed. The Guardian and other international news organisations report on a large cache of leaked secret bank files revealing that HSBC’s Swiss banking arm helped wealthy customers avoid taxes and conceal millions of dollars of assets. The revelations, which stem from the Falciani leak, trigger criminal investigations in France, Belgium, Switzerland and Argentina. HSBC admits wrongdoing in its Swiss operations but says things have changed.
May 2015May 2015
HSBC’s chief executive complains that the British government’s bank levy has made life “impossible” in the UK. HSBC is looking at moving its headquarters out of the UK. HSBC’s chief executive complains that the British government’s bank levy has made life “impossible” in the UK. HSBC is considering moving its headquarters out of the UK.
June 2015June 2015
HSBC announces it is cutting 25,000 jobs, including up to 8,000 in the UK, as it reorganises its business with greater focus on Asian markets.HSBC announces it is cutting 25,000 jobs, including up to 8,000 in the UK, as it reorganises its business with greater focus on Asian markets.