Page 169 - Bank Case Studies

Stuart Gulliver, who led HSBC's

investment-banking division since

2006, was appointed as the new
Group CEO of HSBC Holdings

2011 Stuart Gulliver, CEO announced that HSBCs would refocus

its business strategy and that a large-scale retrenchment

of operations, particularly in respect of the retail sector,
was planned.

2011 Sep: Dave Hartnett, head of tax at Her Majesty’s Revenue and
Customs, tells the Treasury Select Committee: “I think the

whole nation probably knows that our department has a

disc from the Swiss – from the Geneva branch of a major
UK bank – with 6,000 names, all ripe for investigation.”

2012 HSBC came under investigation for allegedly assisting in

the money laundering of terrorist money, after a probe by
the US Federal Reserve and Office of the Comptroller of

the Currency found that there was "significant potential
for unreported money laundering or terrorist financing”

24 July the Senate's Permanent Subcommittee on

Investigations plans to hold a hearing on the issue. HSBC
faces a potential penalty of up to US$1 billion.