How to keep your money out of the ‘big banks’
- by admin
Posted September 24, 2018 06:15:52The banks that have become synonymous with the financial crisis are starting to pay a price.
While many have now emerged from the abyss, there are signs that some of the big banks are not immune to the fallout of the crisis, and are beginning to pay the price.
The biggest of the banks, HSBC, is expected to lose around $4 billion in the next quarter.
The bank has been hit by the worst economic crisis since the Great Depression.HSBC’s losses have been compounded by the $6.9 billion in fines handed down to the bank in connection with its role in a massive money laundering scheme.
The fallout has hit the bank’s revenues and profitability and also left it facing a lawsuit from the US authorities.
Its head of investment banking, Mark Siegel, is among those facing the most serious legal consequences.
The US Securities and Exchange Commission has also announced it will investigate the bank and is likely to pursue criminal charges.HSB is also facing a $4.5 billion fine from the Australian Securities and Investments Commission.AAP/Topics:business-economics-and-finance,corporate-governance,financial-services,consumer-protection,consumer,housing-industry,coronavirus-and,business-financial-market,business,lifestyle-and_finance-utilities,industry-and%E2%80%93-sports,housing,community-and/or-society,sunday-hillie-5555,sydney-2000,act,australiaMore stories from New South Wales
Posted September 24, 2018 06:15:52The banks that have become synonymous with the financial crisis are starting to pay a price.While…
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