thewealthnet     About Us    |    FAQs    |    Contact Us
  Advanced Search       RSS Feed  twitter  linkedin 
Welcome to thewealthnet    |   Europe, Middle East & Africa Get The App   |   Login
  Mon 18th Feb 2019  |    Make this my homepage  
Subscribe now!
Credit Cards Accepted
World Map
HSBC Private Bank Switzerland makes larger loss
08/08/2018 , News Team

HSBC Private Bank Switzerland, the troublesome private bank in the midst of a shakeup by its parent, recorded a larger loss in the first-half of 2018.
The unit was in the red on a pre-tax basis by $46 million, compared to the $38 million loss in the first half of 2017, the interim report showed.

The Geneva-based bank is struggling from the fallout after the theft of data from the former computer scientist Hervé Falciani in 2007. Tax authorities in Belgium, Argentina, India and Spain are investigating HSBC's Swiss subsidiary for alleged tax evasion and money laundering.
Meanwhile, the bank has not yet announced a successor to its Swiss chief executive Franco Morra, who left the bank in April.
Parent HSBC earlier this year announced a thorough-going reorganisation of its Swiss, and European private banking business. This reduced the responsibilities of Mr Morra as the Swiss unit lost much of its independence as it was drawn closer to the main parent in London.  A number of private banking operations in various countries was curtailed.
HSBC didn’t immediately respond to inquiries about Roger Lehmann, business area head Switzerland, who is reported to have resigned.

Share with Linkedin Share with Twitter
Poor   Average   Good   Excellent
thewealthnet archives contain 51,103 articles dating back to 1997,making it the largest single source of information on the wealth management industry world-wide. To search for more articles, please click here.


© This article originally featured on thewealthnet. It is protected by international copyright law. If you copy this article illegally, you will be liable to prosecution. All rights in and relating to this article are expressly reserved. No part of this article may be reproduced, stored in a retrieval system or transmitted in any form or by any means without written permission from the publishers.

    Latest Headlines:    by Topic | All News
  Advertise   |   Contribute   |   Press Release   |   Terms of Use   |   Privacy   |   Contact Us Copyright Pam Insight Ltd., All Rights Reserved