Page 35 - HSBC (D) Case Study

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.