HSBC has announced it is seeking a further $2-$3 billion in cost savings as it continues to trim its global empire -- a move analysts say could come at the cost of additional jobs.
The HSBC banking group says its full-year net profits dropped by 17 per cent in 2012 but remained high at $13.5 billion as its Asian business continued to do well.
American authorities on Tuesday cited "astonishing" dysfunction at the British bank HSBC and said that it had helped Mexican drug traffickers, Iran, Libya and others under U.S. suspicion or sanction to move money around the world.
The chief compliance officer at Britain's HSBC says he is stepping down from that position after an investigation found that lax controls at the international bank allowed Mexican drug cartels to launder billions of dollars through its U.S. operation and other illicit transactions.
Lax controls at Europe's largest bank, HSBC, allowed Mexican drug cartels to launder billions of dollars through its U.S. operations, a Senate investigation has found.
