07:11 GMT +312 November 2019
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    HSBC Bank Under Investigation Over Hiring People Linked to Asian Gov’ts

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    Europe’s biggest bank HSBC said in a report on Monday that it was under investigation by US authorities for hiring people linked to Asian governments.

    MOSCOW (Sputnik) — The London-based bank is “one of multiple financial institutions” probed by the US Securities and Exchange Commission (SEC) over its Asian hiring practices, according to HSBC’s annual report.

    “Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of this matter,” the HSBC’s statement reads.

    The SEC is reportedly investigating into investment banks’ bribery law violations amid the banks hiring relatives of well-connected officials.

    The probe comes as HSBC announced a $1.3-billion loss for the final quarter of 2015, compared with a $511 million profit in the same period in 2014.

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    investigation, HSBC, Europe, Asia, United States
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