Florida Governor Jeb Bush said “With the addition of HSBC we can now claim the best non-depository financial services firms in the industry, and we welcome the HSBC announcement as a strong sign of support for Florida’s business climate.”
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“HSBC’s expansion is a strong indication that the Tampa market is vibrant and healthy, and our financial services cluster is still very solid,” said Sam Ellison, chair of the Greater Tampa Chamber of Commerce and managing director of The Beck Group. “We will continue our efforts to grow and support this important cluster while at the same time working to diversify our economic development efforts.”
May 17, 2005 — The Financial Services Authority (FSA) has warned that offshore outsourcing can damage market confidence and consumer protection and hinder the ability to reduce financial crime. In a report published last week, the regulator says businesses that use offshore companies can struggle with the complexity of achieving suitable management and control from a distance. “In March, HSBC announced plans to nearly double its offshore back-office workforce to 25,000, as part of a program to cut more than US$1 billion in costs from its operations” said US consumer advocacy organization Household - HSBC Watch.
England - 16 May 2005 = A man who quit his job after learning that his boss used a homophobic remark against him has won damages at an employment tribunal. Already they have seen Rob Whitfield receive £35,000 for suffering gay taunts from his employers, while similar cases against Deutsche Bank and HSBC are making their way through the courts. The legal team for Mr Whitehead told The Independent that the latest case would “send out the right message” against homophobic practices in the workplace. “This decision emphasises the obligations on employers to ensure they do not discriminate against and harass homosexual employees,” Mark James of Griffith Smith solicitors said.
According to MSN Money, the IRS launched a major crackdown on credit cards issued by banks such as Swiss American Bank, Royal Bank of Canada and HSBC Bank International with operations in places such as the Bahamas and the Cayman Islands. The General Accounting Office estimates that 1 million to 2 million Americans have offshore credit-card accounts in tax-haven countries, and fraudulent activities cost the Treasury $20 billion to $40 billion a year. Only an estimated 170,000 of these people state on their federal income tax returns that they have such offshore accounts. The accounts are legal so long as income generated to the accounts is reported and taxes paid. Failure to disclose the income is a felony punishable by up to five years in prison.
