EU hits banks with record €485m fine
JPMorgan Chase, HSBC and Crédit Agricole have been hit with fines totalling €485m (£409m, $521m) by the European Commission for rigging Euribor rates.
HSBC
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HSBC sees profits slide after shedding Brazil business
HSBC reported an 86% decline in Q3 profits having sold its Brazilian business, changed its credit spread, and faced a strengthening US dollar.
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French prosecutor pursues HSBC in €180bn tax fraud case
A French prosecutor has called for HSBC to stand trial for helping clients hide more than €180bn (£161.3bn, $199.8bn) in offshore tax havens from the country’s tax authorities, French news agency AFP has reported.
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PEOPLE MOVES: Schroders, HSBC Private Bank, Rowan Dartington, Hargreaves
Schroders big-wig Robin Stoakley moves on from his role as the asset manager’s head of UK intermediary business as HSBC Private Bank hires a new head for its APAC division. Rowan Dartington poaches former Brewin Dolphin sales guru as platform giant Hargreaves Lansdown appoints a new tech head.
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HSBC Private Bank inks deal with Indosuez in Monaco exit
HSBC Private Bank is to wind down its Monaco business and has signed an agreement to refer its clients to CFM Indosuez Wealth Management.
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PEOPLE MOVES: Old Mutual, Manulife, HSBC, Veritas AM
Old Mutual appoints a chairman to its board while Manulife makes a hire to its newly-created position of chief executive for client services for EMEA. HSBC has announced a raft of hires in Geneva, Zurich and Dubai while asset manager Veritas poaches its new head from UBS.
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PEOPLE MOVES: Zurich, HSBC, Pimco
Zurich has named the chief executive of its newly amalgamated division and announced a senior departure. HSBC Private Bank’s US investment services and products solutions business has a new head, while Pimco has appointed a head of Hong Kong retail and a head of China.
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Five challenges and opportunities facing global asset managers
Prominent figures in the asset management industry give their views on the challenges and opportunities facing the sector at International Adviser’s Fund Links Forum 2016.
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Hong Kong regulator bans two ex-HSBC advisers for life
Hong Kong’s Securities and Futures Commission (SFC) has banned two former HSBC employees from re-entering the financial services industry for life after they were convicted of fraud.
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PEOPLE MOVES: Old Mutual, Eastspring, BNP Paribas
Changes abound in Singapore with Old Mutual Global Investors creating a new managing director role, Eastspring Investments naming a new chief executive, and HSBC Bank appointing a head of retail banking and wealth management.
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Julius Baer hires HSBC bankers for LatAm push
Swiss wealth manager Julius Baer Group has hired several private bankers from HSBC to bolster the firm’s Latin American business, according to media reports.
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No Brexit shockwaves in China markets, HSBC GAM says
Brexit has not had an impact on China’s markets, and valuations are historically cheap, according HSBC Global Asset Management.