Page 14 - HSBC (D) Case Study
P. 14
Gulliver's Travails
HSBC's legal bills have crimped the bank's profitability
under outgoing Stuart Gulliverhart Title
5
4.5
4
3.5
3
$ billion 2.5 2
1.5
1
0.5
0
2011 2012 2013 2014 2015 2016
Chart 1: Source: Bloomberg data – Costs of HSBC’s legal settlements
George Osborne:
‘Too Big to J(F)ail’
In July, 2016 a
congressional report
published letters and
emails from U.K.
Chancellor, George Osborne and FSA officials to their US
counterparts in the weeks leading up to DOJ’s decision on
November 7, 2012 warning that launching criminal action
against HSBC in 2012 could have sparked a “financial
calamity” in effect a global financial disaster particularly in
Europe and Asia. (3, 4)
