HSBC Holdings Plc is poised to pay approximately $300 million to settle a French criminal investigation into its alleged role in the sprawling “Cum-Cum” tax scandal, according to people familiar with the matter. The proposed settlement with prosecutors from the Parquet National Financier awaits judicial review, marking a significant financial and reputational blow to the global banking giant and underscoring the intense, ongoing regulatory crackdown on complex cross-border tax schemes that have ensnared some of the world’s largest financial institutions.
about HSBC to Pay $300M in French 'Cum-Cum' Tax Scandal SettlementHSBC Holdings Plc
0 in Finance and 0 in Crypto last weekSociete Generale Hires HSBC’s Petcu for US Healthcare M&A
Societe Generale SA has strategically strengthened its US investment banking division with the appointment of former HSBC Holdings Plc banker Gabriel Petcu as managing director. The French financial institution’s move signals a deliberate expansion into the competitive American healthcare mergers and acquisitions market, with Petcu based in New York and reporting directly to Americas head of investment banking Krzysztof Walenczak. This hiring represents a significant commitment to building the bank’s transaction capabilities in one of the most active sectors for dealmaking.
about Societe Generale Hires HSBC's Petcu for US Healthcare M&ARipple President Discusses Stablecoins Growth and Future Innovations in Finance
Ripple President Monica Long highlighted the pivotal role of the RLUSD stablecoin in driving the ecosystem’s growth, predicting significant advancements in stablecoin payments by 2025. She emphasized Ripple’s commitment to efficient cross-border transfers and collaboration with major banks, while also discussing the importance of regulatory clarity and innovation in banking. Long expressed optimism about the potential approval of XRP ETFs, noting the increasing institutional interest and the company’s strategic focus on tokenization and custody solutions.
about Ripple President Discusses Stablecoins Growth and Future Innovations in FinanceJulius Baer Appoints Noel Quinn as New Chairman Amid Strategic Shift
Julius Baer is undergoing a significant leadership shift with the appointment of Noel Quinn as Chairman, following the CEO’s background in London banking. This strategic repositioning aims to enhance clarity for shareholders and improve operational efficiency, as the bank prepares to unveil its new strategy in London on June 3, 2025. The recent leadership changes have positively impacted the bank’s share price, reflecting investor confidence amid ongoing restructuring efforts.
about Julius Baer Appoints Noel Quinn as New Chairman Amid Strategic ShiftBillions Network Launches Privacy-Centric Digital ID to Compete with Worldcoin
Billions.Network has launched a privacy-focused digital identity verification platform that offers a non-biometric alternative to existing systems, including Worldcoin. Utilizing zero-knowledge proof technology, it aims to securely verify human and AI identities without storing biometric data, addressing privacy concerns. The platform has already been adopted by over 9,000 projects and is collaborating with the Indian government to integrate with the Aadhaar system.
about Billions Network Launches Privacy-Centric Digital ID to Compete with WorldcoinUS stocks mixed as tariffs and Fed minutes influence market sentiment
U.S. stocks showed mixed results as investors reacted to President Trump’s proposed 25% tariffs on autos, semiconductors, and pharmaceuticals, while awaiting insights from the Federal Reserve’s January meeting minutes. The S&P 500 edged up slightly, maintaining its recent record high, while the Dow fell 0.3%. In Asia, markets fluctuated amid concerns over the impact of tariffs and a significant rally in Chinese stocks, driven by government support for the tech sector.
about US stocks mixed as tariffs and Fed minutes influence market sentimentUS stocks decline amid tariff threats and Fed minutes anticipation
HSBC reported a profit before tax of $32.3 billion for 2024, slightly below analyst estimates. The bank announced a $2 billion share buyback and aims for $300 million in cost reductions by 2025, targeting a mid-teens return on tangible equity from 2025 to 2027 amid uncertain interest rates.In the U.S., stocks opened lower as investors reacted to President Trump’s proposed 25% tariffs on autos, semiconductors, and pharmaceuticals, while awaiting insights from the Federal Reserve’s January meeting. The S&P 500 and Nasdaq fell approximately 2%, reflecting cautious sentiment in the market.
about US stocks decline amid tariff threats and Fed minutes anticipationUS Stock Futures Dip Amid Tariff Threats and Fed Minutes Anticipation
HSBC reported a profit before tax of $32.3 billion for 2024, slightly below analyst estimates. The bank announced a $2 billion share buyback and aims for $300 million in cost reductions by 2025, targeting a mid-teens return on tangible equity from 2025 to 2027 amid uncertain interest rates.In the oil market, Brent crude futures rose to $76.04 a barrel, while U.S. production faces potential declines due to cold weather and reduced flows from Kazakhstan following a drone attack. Meanwhile, U.S. stock futures dipped as investors reacted to President Trump’s proposed tariffs on autos and tech imports, awaiting insights from the Federal Reserve’s meeting minutes.
about US Stock Futures Dip Amid Tariff Threats and Fed Minutes AnticipationUS Stock Futures Steady Amid Tariff Concerns and Fed Minutes Release
US stock futures remained flat as investors assessed President Trump’s new tariff threats and awaited the Federal Reserve’s meeting minutes. The S&P 500 reached a record high, while Asian markets declined amid concerns over the sustainability of a recent rally in Chinese stocks.HSBC reported a 6.6% rise in annual profit, exceeding expectations, and announced a $2 billion share buyback. Oil prices increased as tensions from the Ukraine-Russia conflict continued to disrupt supply, with Brent crude futures climbing for a third consecutive day.
about US Stock Futures Steady Amid Tariff Concerns and Fed Minutes ReleaseVeteran Staff Depart from Singapore Exchange Amid Market Revival Efforts
Several veteran staff members of Singapore Exchange Ltd. are departing as the exchange seeks to rejuvenate its struggling equities business. Key departures include Frieda Choong, who oversees IPO approvals, June Sim, head of listing compliance, and Nico Torchetti, who leads operations and market services. All have been with SGX for over a decade.
about Veteran Staff Depart from Singapore Exchange Amid Market Revival EffortsMarket Highlights for the Week: Earnings Reports and Economic Data
Markets are closed Monday for Presidents Day, with key earnings reports from Walmart, Alibaba, Baidu, Carvana, and Rivian scheduled throughout the week. Investors will also focus on the release of January’s Federal Reserve meeting minutes, housing data, and consumer sentiment indicators. Notable Fed officials are set to speak, providing insights into future monetary policy.
about Market Highlights for the Week: Earnings Reports and Economic DataFTSE 100 Hits Record High as January Sees Strong Market Performance
The FTSE 100 has reached a record high of 8,666.65, marking January as its best month in over two years, driven by a shift away from tech stocks and expectations of interest rate cuts in 2025. The weak pound has also boosted demand for shares, contributing to the index’s rise. This performance reflects broader gains across European stock markets.
about FTSE 100 Hits Record High as January Sees Strong Market Performance