5th Mar 2015 06:44
LONDON (Alliance News) - The Bank of England?s chief banking supervisor has told British lawamakers that he is holding HSBC Holdings PLC?s top executives? ?feet to the fire? to ensure they simplify the group and improve its risk controls after a tax evasion scandal at its Swiss private bank, the Financial Times reports Thursday.
The comment from Andrew Bailey, head of the Prudential Regulation Authority, increases the pressure on the biggest British bank to accelerate plans for shedding businesses it judges too risky to manage in an increasingly strict regulatory climate, the paper says.
?It is very clear to me that this question of being too complicated to manage has to be dealt with and we have been very clear with HSBC over a number of years about this,? Bailey told a parliamentary committee on Wednesday according to the FT.
http://www.ft.com/cms/s/0/60e00826-c292-11e4-a59c-00144feab7de.html?ftcamp=crm/email/201535/nbe/UKBusiness/product&siteedition=uk#axzz3TUV6Gsdm
By Steve McGrath; [email protected]; @stevemcgrath1
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