Justice Department says HSBC has Reaches $470M Agreement with Federal Government and States, Related to Banking Abuses

On Friday, in an announcement the Justice Department said that HSBC has agreed to $470 million settlement with the federal government along with almost all states related to issues of mortgage lending and foreclosure abuses which the officials opine aided in deepening the financial crisis in the country almost eight years ago.

Kiwi dollar set to overtake the Aussie Dollar

Kiwi dollar set to overtake the Aussie DollarHSBC Bank Australia says, for the first time in four decades New Zealand has begun an economic boom that could drive its currency past Australia.

Adam Richardson and Paul Bloxham of HSBC Bank Australia say in a report, "New Zealand is set for a strong 2014, with the economy already firing on all cylinders."

HSBC says Chinas manufacturing growth has slowed down

HSBCBritish banking giant HSBC have said China's manufacturing activity expanded at its slowest rate in three months in December.

The bank's preliminary purchasing managers' index (PMI) for the world's second-largest economy came in at 50.5 for the month, diminished from a final reading of 50.8 in November and the lowest since September.

HSBC elusive over subsidiary model

HSBC elusive over subsidiary modelGuidelines were issued earlier this month by the RBI allowing  foreign banks to  incorporate Wholly-Owned Subsidiary (WOS) branches to acquire local private sector lenders and expand branch-network across the country without any restrictions.

Fifth of Workers say they will Never Afford to Retire

Steve-WebbAccording to a negative report, it has been revealed that about fifth of the workers fear that they will never have enough money to get retire.

As per the survey done by HSBC, it has been found that about one third of the people were "not preparing adequately" for their retirement, whereas another third of the population were not saving at all.

HSBC Plans to Sell Private Equity Units to Respective Management Arms

HSBCHSBC Holdings PLC has proclaimed that it is going to sell off its private-equity fund-management units in Hong Kong, the U. K., the U. S., Canada and the Middle East to the respective management wings.

For its Chinese operational units, the bank has appointed Helen Wong as the new Chief Executive Officer.