HSBC to be fined $1 billion

In the US some of the banks courted business they knew was dodgy and it apparently was a race to the bottom to see who would do the least checking. If it's as high a USD1bn then it would indicate they were being intentionally blind.

HSBC haven't paid out much on PPI relative to other banks, and USB1bn isn't going to sink them, they're Europe's biggest bank, and very stable.
 
Cheers.

According to that link, the penalty could be as high as $1 billion. In reality I doubt they'll get anywhere near that - especially if they admit fault and assist the investigatory body which is something that they seem to be willing to do.

So, misleading headline. The wrong doing seems to come from Asia, and there is a lack of proof. Where's the story?
 
The Halk said:
In
HSBC haven't paid out much on PPI relative to other banks, and USB1bn isn't going to sink them, they're Europe's biggest bank, and very stable.
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I thought that HSBC had quite a high reserve at £1 billion. Okay LLoyds have £3.2 billion but HSBC up there with the other big ones of RBS and Barclays.
 
Title misleading as it says "to be" but article says "could be":


HSBC could be fined around $1bn (£600m) after a Senate probe which has lasted months as part of an effort to shine a light onto shadowy money flows.
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Do you write SUN headlines?
 
Greebo said:
I thought that HSBC had quite a high reserve at £1 billion. Okay LLoyds have £3.2 billion but HSBC up there with the other big ones of RBS and Barclays.
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I seem to remember HSBC being lower than Barclays and RBS, and significantly lower than Lloyds. HSBC were the first bank to stop PPI, which explains why their payouts were lower in comparison to their market share.

In any case the USD1bn won't sink HSBC. :)
 
The Halk said:
I seem to remember HSBC being lower than Barclays and RBS, and significantly lower than Lloyds. HSBC were the first bank to stop PPI, which explains why their payouts were lower in comparison to their market share.

In any case the USD1bn won't sink HSBC. :)
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I know, but it just seems to be fine after fine atm and all for dodgy stuff. How much is the confidence in large banks going to be affected?
 
Greebo said:
I know, but it just seems to be fine after fine atm and all for dodgy stuff. How much is the confidence in large banks going to be affected?
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That would completely depend on how the media portray the banks.

If they tell us the banks have done something bed, then people will lose it and go back to not saving, always spending etc, but if the media actually tell people the truth about how this isn't actually that big a deal, then I don't suppose the banks will lose too much face.
 
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