FINMA said it had ordered the bank to conduct a review of all current business relationships with politically exposed people and that it would stop the bank from entering business relationships with them. In a written response, the London-headquartered bank declined to comment as it plans to appeal the decision.
Labour proposals to introduce a ‘genuine living wage’ risk triggering a surge in unemployment and pushing up mortgage costs for households, HSBC has warned.
The chairman of HSBC has been awarded a knighthood despite previously facing criticism over the bank’s controversial ties to China.