How many of you reading this have or had a bank account with HSBC? My guess is that more of you have banked with them than any other major bank. And why shouldn’t you. After all, they were known for being the world’s local bank and are amongst the biggest in the world.
They’ve been around so long and are so big that trusting them is implicit. You don’t even bother looking at the library of licences they hold for the myriad of financial services they offer.
But have they earned your trust?
Cairn Energy trusted HSBC to carry out a $3.5 billion foreign exchange deal for them in 2011.
The Financial Times reported recently that US prosecutors have accused HSBC of turning an illicit profit from the exchange by exploiting the confidential information they had of Cairn’s sizeable order.
It’s a practice also referred to as scalping and authorities claim it earned HSBC over $8 million at Cairn’s expense.
Read More..
Tidak ada komentar:
Posting Komentar