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HSBC job cuts and fines: a timeline | HSBC job cuts and fines: a timeline |
(about 2 hours later) | |
October 2008 | October 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 2008 | December 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 2011 | January 2011 |
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 2011 | August 2011 |
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 2012 | December 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 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 globally | Related: HSBC moves to cut 25,000 jobs globally |
February 2014 | February 2014 |
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 2014 | May 2014 |
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 2015 | February 2015 |
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 2015 | May 2015 |
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 2015 | June 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. |
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