trending Market Intelligence /marketintelligence/en/news-insights/trending/xI-TuIPOnW-zrDASe5qziw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

HSBC reaches $192.4M settlement in US tax evasion probe

Street Talk - Ep. 64: Coronavirus jumpstarts digital adoption

Street Talk Podcast

Street Talk - Ep. 63: Deal talks continue amid bank M&A freeze, setting up for strong Q4

Street Talk Podcast

Street Talk - Ep. 62: 'Brutal' outlook for oil demand offers banks in oil patch no relief

Amid Q1 APAC Fintech Funding Slump, Payment Companies Drove Investments


HSBC reaches $192.4M settlement in US tax evasion probe

HSBC Holdings PLC has settled with the U.S. Justice Department to close an investigation into the role of HSBC Private Bank (Suisse) SA in assisting clients to hide assets to evade taxes.

HSBC Private Bank (Suisse) agreed to pay about $192.4 million.

Both parties have agreed to a three-year deferred prosecution agreement, during the scope of which the bank must demonstrate good conduct before the case is closed. The DOJ also said the agreement does not protect any individual from prosecution. The settlement closes an investigation into the bank's activities from at least 2000 to 2010.

The payment comprises $71.9 million of forfeited proceeds derived from illegal activities, $60.6 million of restitution to the U.S. Internal Revenue Service and a $59.9 million penalty. HSBC also admitted to conspiring with U.S. taxpayers to evade taxes.

HSBC Private Bank (Suisse) CEO Alex Classen said the bank has bolstered its compliance, control framework and set out a "comprehensive client tax transparency policy."

The bank added that the settlement is fully provisioned.