HSBC admitted to a breakdown of controls and apologised in a statement announcing it had reached a deferred-prosecution agreement with the US Department of Justice, as was first reported by Reuters last week.
The many ways in which the fast-expanding bank got it wrong on money laundering.
Many of the jobs will now be offshored to lower income countries such as India, China and Poland
The two Indian banks will make available their combined network of 3,600 branches and a customer base of 40 million.
'We suggest an equity strategy of 5% to 10% exposure to cash, 5% to Gold ETF, close to 50% to Sensex/Nifty/large mid-cap stocks.'
The expectations of a borrowing cut by the government faded among bond-market participants after the general election results because they feel the compulsions of running a coalition may put pressure on the exchequer, according to dealers. The recent trend of moderate depreciation in the rupee's nominal effective exchange rate (NEER) might not persist if there are significant changes to the structural reform agenda.
The bank believes that that gold prices will recover this year and retain a pronounced bullish posture.
According to HSBC, India's current account deficit is expected to narrow from 1.1 per cent of GDP in 2014 to 0.6 per cent in 2015.
It is not often that you find a mechanical engineer leading the private banking business of a foreign bank in India.
HSBC has acknowledged compliance lapses, including a failure to maintain an effective anti-money laundering programme.
A figure above 50 indicates that the sector is expanding, while a figure below that level means contraction.
The HSBC India Composite Output Index, which maps both services and manufacturing activity, fell to 48.4 in July, down from 50.9 in June, indicating an overall contraction.
Public sector banks have lowered both deposit and lending rates, while almost all private and foreign banks have stayed away from rate cuts despite the Reserve Bank of India reducing key rates. HDFC Bank has become the first private sector lender to reduce deposit rates, while other private sector banks said they would also jump on the bandwagon over the next few weeks.
Reliance Petroleum Ltd, a unit of Reliance Industries that plans to sell 1.8 billion shares in an initial public offering to raise up to $1.3 billion
Zomato has lost over 9 per cent thus far in calendar year 2023 (CY23) and has underperformed the S&P BSE Sensex that has slipped nearly 5.3 per cent during this period. Despite this underperformance, analysts at HSBC think that the stock can hit Rs 87 going ahead - up over 64 per cent from the current levels. The food delivery industry, wrote Yogesh Aggarwal and Abhishek Pathak of HSBC in a recent note, has slowed considerably in the last few months.
From the Sensex basket, Kotak Mahindra Bank, HCL Technologies, ICICI Bank, Infosys, Tata Consultancy Services, Wipro, Tech Mahindra and Larsen & Toubro were the major laggards. Mahindra & Mahindra, Nestle, Tata Motors and IndusInd Bank were among the gainers.
Naina Lal Kidwai, group general manager and country head for HSBC India, does not seem to be too perturbed about the slowdown or the rising delinquency levels.
Bank employs more than 300,000 people worldwide.
It appears the two banks are now convinced that increasing their credit card portfolios will not lead to significant erosion in asset quality.
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According to the global financial services major, the primary concern for the RBI at the moment has to be anchoring elevated inflation expectations and stabilising the currency, which could face renewed pressures if the Fed begins QE tapering this week, as widely expected.
The deal fell as the transaction deadline expired. RBS said that it will wind-down its banking operations in the country.
The Asian Development Bank too had projected Indian's economic growth for current fiscal at 7.4 per cent.
Gulliver had about $7.6 million pounds in a Swiss account in 2007.
On Tuesday, UK-based Standard Chartered's outsourcing of key banking jobs to India came under the lens of US authorities.
The headline HSBC India Purchasing Managers' Index -- a composite gauge designed to give a single-figure snapshot of manufacturing business conditions -- stood at 53.3 in November significantly higher from 51.6 in October.
According to the revised forecast by HSBC, the rupee is likely to be around Rs 51 per USD (as against Rs 57 per USD earlier) by the first quarter ended March 31.
As many as 10 merchant bankers, including ICICI Securities and SBI Cap, had evinced interest in managing the stake sale.
According to HSBC, the 'storm has abated' for the Indian markets as the US Fed has deferred tapering of its quantitative easing stimulus, and as the new Reserve Bank of India Governor Raghuram Rajan has taken steps to contain the rupee fall.
HSBC on Thursday said the Indian economy, which is projected to grow at 5.7 per cent this fiscal, is likely to grow at a faster pace next fiscal at 6.9 per centfollowing the recent spate of policy reforms.
Amid decelerating economic growth and falling industrial output, India's services sector has shown signs of promise in May recording the fastest pace of growth in the past three months, says an HSBC survey.
India's first quarter GDP growth print was 7.9 per cent y-o-y, primarily led by urban consumption demand
Though fiscal deficit is a concern, the country needed spending to boost the economy hit by financial crisis, she said. Going by the bank's research, Kidwai said India is likely to grow at 8 per cent in next fiscal 2010-11.
Cuts its 2013 price forecast to $1,760 an ounce from $1,850.
