HSBC To Leave The UK For PPI, Swiss Bank and Other Financial Scandals

April 22, 2015
by admin in PPI News

For its £7 billion estimated PPI bill, its involvement in helping millionaires and prominent individuals move their money away to safety during the 2008 financial crisis and for its involvement in forex scandals, HSBC signals to leave the United Kingdom for better opportunities abroad

hsbc

According to HSBC Chief Stuart Gulliver, HSBC is deeply sorry for its involvement in the Swiss Bank scandal where it assisted certain customers to dodge taxes.

The bank still has some more issues to resolve, namely its PPI compensation claims and forex scandals, all of which the bank is to pay for its numerous misconduct.

Meanwhile, the bank is meeting in Hong Kong to discuss whether the British financial giant would move from the United Kingdom. Currently, it had ringfenced its street businesses from its investment bank operations.

Shareholders are still questioning its activities in London headquarters.

According to Equities Head Richard Buxton of Old Mutual Global Investors, HSBC and Standard Chartered, another UK giant about to move out, might be contemplating if it is still worth their while to stay in the United Kingdom