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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.
 

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