HSBC Holdings Plc has “much work” to do as part of a $1.9 billion agreement with the Justice Department to avoid prosecution for money laundering, the U.S. said in a status report on the U.K.-based bank’s performance.
Bank of America Corp. and HSBC Holdings Plc agreed to settle lawsuits brought over property insurance that borrowers were forced to accept, lawyers for the homeowners said at a federal court hearing in Miami.
A U.S. unit of HSBC Holdings Plc agreed today to strengthen a compliance program that federal bank regulators said was ineffective and created “significant potential” for money laundering and terrorist financing.
Confab Industrial SA said its board gave approval for the company to get $350 million in five-year financing from HSBC Bank USA. Confab will use the money to acquire 25 million common shares from Usinas Siderurgicas de Minas Gerais SA, according to a regulatory filing.