HSBC tries to play the victim

Submitted by cathy n on 9 June, 2015 - 6:03 Author: Phil Grimm

The HSBC banking group is threatening to leave the UK over very the mild regulations on the financial sector that have been implemented since the 2008 crash.

HSBC bosses have previously said they are considering moving the operation, probably to Hong Kong, in response to new banking levies. The bank’s chief executive, Stuart Gulliver, is set to lay out the banks plans for making the decision to an audience of top bankers on 9 June.

The loud speculations about the possibility of upping sticks is believed to be timed to put pressure on Tory chancellor George Osborne, who will be delivering a speech on bank regulation and financial strategy 24 hours after Gullivers’ presentation. Bankers have waged a campaign to pressure Osborne into watering down proposed reforms to “ringfence” high street operations from investment banking services, as well as the imposition of a levy on the banking sector.

The cheek of HSBC is incredible. In the last few years, they have faced repeated legal investigations for breaching financial regulations, including helping wealthy customers evade tax and allowing money laundering through their systems.
Just recently, the bank has had to pay £28 million to the Swiss government to avoid prosecution. Not long before, the bank was accused by British journalists of having pressured media outlets to drop stories about its tax evasion.

For it to play the victim in spite of its repeated wrong doing, and to protest a meagre regulation despite its £12 billion annual profits, is staggering. 

This website uses cookies, you can find out more and set your preferences here.
By continuing to use this website, you agree to our Privacy Policy and Terms & Conditions.