HSBC has had a rough time of it lately.
Bloomberg News reports that since former Swiss employee Herve Falciani made off with client data in 2008 and fled to France, Europe’s biggest bank has been dealing with the fallout as investigations into money laundering and tax evasion have begun around the world.
On Thursday, HSBC announced it’s been charged in a related French tax-evasion probe and ordered to pay bail of $1.1bn. There are similar investigations under way in Belgium, Switzerland, Argentina and India. And after fresh details emerged in February from the Falciani files, CEO Stuart Gulliver and Chairman Douglas Flint were grilled by U.K. lawmakers, and conceded how damaging the affair had been to the bank’s reputation.
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