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    HSBA   GB0005405286

HSBC HOLDINGS PLC

(HSBA)
  Report
Delayed Quote. Delayed London Stock Exchange - 09/23 11:36:40 am
376.85 GBX   +0.39%
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HSBC : accused of ‘blatant' forex fraud by former client

07/28/2021 | 06:51am EDT

HSBC currency traders in London routinely have been accused of routinely fronting run client orders for extra profits as part of a “blatant and indefensible” fraud by investment manager ECU lawyers.

The closing statement comments by lawyers for ECU, which is suing HSBC for currency trades made over 15 years ago, marked the end of a seven-week trial in London’s High Court yesterday.

The trial is only the latest development in a 10-year-old global currency trading scandal which has to date cost HSBC over $600m (£433m) in regulatory fines.

ECU Group have claimed that FX traders at HSBC misused confidential information about its trades for their own profit between 2004 and 2006. The currency manager have identified 52 transactions during those two years.

At the time of the trades, ECU was a client of the London-listed bank.

Richard Lissack QC, counsel for ECU, has reportedly said his client had “smoking gun evidence” that currency traders at HSBC “widely and routinely” attempted to profit from client orders.

The post HSBC accused of ‘blatant’ forex fraud by former client appeared first on CityAM.

© City AM, source Newspaper

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Analyst Recommendations on HSBC HOLDINGS PLC
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Financials (USD)
Sales 2021 50 212 M - -
Net income 2021 10 828 M - -
Net Debt 2021 - - -
P/E ratio 2021 9,96x
Yield 2021 4,55%
Capitalization 103 B 104 B -
Capi. / Sales 2021 2,06x
Capi. / Sales 2022 1,99x
Nbr of Employees 222 550
Free-Float 98,2%
Chart HSBC HOLDINGS PLC
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HSBC Holdings plc Technical Analysis Chart | HSBA | GB0005405286 | MarketScreener
Technical analysis trends HSBC HOLDINGS PLC
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TrendsBearishBearishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 5,11 $
Average target price 6,66 $
Spread / Average Target 30,4%
EPS Revisions
Managers and Directors
Noel Paul Quinn Group Chief Executive Officer & Executive Director
Ewen James Stevenson Chief Financial Officer & Executive Director
Mark Edward Tucker Non-Executive Group Chairman
Steven C. van Wyk Chief Information Officer
John M. Hinshaw Group Chief Operating Officer
Sector and Competitors