Tuesday, 06 November 2012 09:28
'U.S. fine for anti-money laundering rule breaches could cost HSBC significantly more than US$1.5 billion and is likely to lead to criminal charges, Europe’s biggest bank said on Monday.
HSBC said the U.S. investigation had damaged the bank’s reputation and forced it to set aside a further US$800 million to cover a potential fine for breaches in anti-money laundering controls in Mexico, adding to US$700 million put aside in July.
“It could be significantly higher,” Chief Executive Stuart Gulliver told reporters on a conference call, saying the latest provision was based on discussions with the various U.S. authorities involved in the probe.'
Tuesday, 06 November 2012 09:19
'Michael Johnson revealed that the shortfall between public sector contributions and pensions that were already being paid would rise 77-fold in 11 years.
The gap will reach £15.4billion in 2016-17, up from only £200million in 2005-06.
Taxpayers will be left footing most of the total bill of public sector pensions to the tune of £32billion or £1,230 for every household in the country.'
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