The revelation that an ex-employee of HSBC Holdings Plc stole tens of thousands of its Swiss accounts is likely to give U.S. tax authorities fresh clues in their pursuit of wealthy tax cheats abroad.
HSBC and the Fed seem to disagree. Richard Fisher, president of the Dallas Federal Reserve Bank, has called large banks “the greatest threat to our financial system’s stability” and backed former Treasury secretary Paul Volcker’s calls for the US government to break up its largest banks, in a speech to the Council on Foreign Relations in New York today.
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HSBC branch growth is slowing, so HSBC is calling it a niche model. “We have a very niche branch strategy — we are not opening our branches just to cover” the country, Brendan McDonagh, chief executive of HSBC North America Holdings Inc., said in a call with reporters on Monday. “We have no aspirations to compete on every street corner, in every state.”
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HSBC reported a smaller-than-expected profit for 2009, with earnings of $5.83B vs. consensus of $7.76B. Impairment charges and other risk provisions rose to $26.5B for the year from $24.9B in 2008. Chairman Stephen Green acknowledged that “huge challenges and risks remain for all of us,” though “our track record of delivering results through adversity, and at all stages of the economic cycle, remains intact.”
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HSBC Finance Corp. reported results for the year ended December 31, 2009.
The company posted net loss of US$7.45 billion, compared to a net loss of US$2.78 billion in the previous year.
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