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HSBC sees $5 billion wiped off its stock market value following statement in annual report on further FX fixing fines

Following HSBC’s annual report which stated that profits were lower than expected and that the bank expects further regulatory scrutiny from global authorities resulting in its setting aside $550 million in case of penalties for FX rate manipulation, shares in HSBC fell 4.5%, removing $5 billion from its stock market value

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Guest Editorial: Pro-HSBC media a ‘fraud on readers’

Paul Orford takes a look at the media coverage of the allegations against HSBC, in that Peter Oborne claimed that the Daily Telegraph’s management had deliberately supressed stories in order to retain a valuable advertising account. Mr. Oborne outlined that one former Telegraph executive told him HSBC was “the advertiser you literally cannot afford to offend.”

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