Former Staff of HSBC Banned for Life
The Securities and Futures Commission (SFC) has banned Lam Yuk Wai, a former staff of HSBC from entering the industry for life. The investigation found that Lam conducted over 100 unauthorized transactions in the accounts of seven clients, causing them to suffer substantial losses from September 2011 to 2015.
As a result, HSBC Broking had to pay over $70 million to the affected clients to compensate for their losses.
News Source: Securities and Futures Commission Press Release
The Hong Kong and Shanghai Banking Corporation Limited (NYSE:HSBC) was established in 1865 to finance the growing trade between Europe, India and China. HSBC was born from one simple idea – a local bank serving international needs. Today, it covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America with around 4400 offices in both established and emerging markets, serving around 46 million customers through the Four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking.
- Origin : London, UK
- Assets : Euro 21.67 billion
- Revenue : Euro 721.3 million
- Employees : 266,000
Official Website: www.hsbc.com
News & Media: Press Release
Updated on 8th August 2016