DOCSLIB.ORG

This Is Para

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
This Is Para CORRECTED TRANSCRIPT OF ORAL EVIDENCE To be published as HC 606-xxxiv HOUSE OF COMMONS HOUSE OF LORDS ORAL EVIDENCE TAKEN BEFORE THE PARLIAMENTARY COMMISSION ON BANKING STANDARDS BANKING STANDARDS WEDNESDAY 6 FEBRUARY 2013 STUART GULLIVER and DOUGLAS FLINT CBE Evidence heard in Public Questions 3766 - 3869 USE OF THE TRANSCRIPT 1. This is a corrected transcript of evidence taken in public and reported to the House. The transcript has been placed on the internet on the authority of the Committee, and copies have been made available by the Vote Office for the use of Members and others. 2. The transcript is an approved formal record of these proceedings. It will be printed in due course. 1 Oral Evidence Taken before the Parliamentary Commission on Banking Standards on Wednesday 6 February 2013 Members present: Mr Andrew Tyrie (Chair) Baroness Kramer Lord Lawson of Blaby Mr Andrew Love Mr Pat McFadden Lord McFall of Alcluith John Thurso Lord Turnbull The Archbishop of Canterbury also attended as a Specialist Adviser with power to examine witnesses. Examination of Witnesses Witnesses: Stuart Gulliver, Group Chief Executive, HSBC Holdings, and Douglas Flint CBE, Group Chairman, HSBC Holdings, examined. Q3766 Chair: Good morning. Thank you very much for coming to give evidence. May I begin by asking whether you support the proposal of this Commission that a reserve power be taken for full separation in order to make the ring-fence more robust? Douglas Flint: Yes, we do. In the event that it is judged that participants are circumventing or frustrating the purpose of the ring-fence, it seems to me quite reasonable for there to be a sanction. Yes, we support that. Q3767 Chair: Do you think there should be, as we also propose, a periodic—perhaps five-year, perhaps slightly longer, perhaps slightly shorter—review, independent of the regulator and the Government, of the design and effectiveness of the ring-fence? Douglas Flint: Again, yes. I think it would be remarkable if everybody who has been involved in this process is able to anticipate everything that might arise from the operationalising of the ring-fence over the next three to five years. I actually think that the first independent review might be earlier than five years, because problems, if they arise on either side of this application, will probably arise quickly in its operation, rather than later. So I think maybe three years afterwards would be a good first time. Q3768 Chair: I think we went for four. Douglas Flint: Okay. Well, somewhere between three and five. 2 Q3769 Chair: Four seems roughly in the middle. Do you also support the Commission’s recommendation that the burden of proof for any exemption from the requirements on primary loss-absorbing capacity should rest with the bank? Douglas Flint: On reflection, yes we do. It is clearly going to be a dialogue between the institution, the regulator and the Treasury. The ultimate risk lies with the Treasury, because in the event that the institution does bring risk from overseas to this country, it is the Treasury that ultimately will have to consider what proportion, if any, of that it will bear. As the contingent risk is with the Treasury, it seems to me that it is perfectly reasonable to ask the institution to demonstrate why there is no risk. I think what we would say is that because of the sensitivity and the considerable judgment involved, the test should be one not of absolute risk, because absolute certainty is never going to be possible as you look far into the future, but of reasonably foreseeable risk in that the deliberation should take place, in our view, at the institutional level at board level and at Government level in the highest levels of the Bank of England, the Prudential Regulatory Authority and, indeed, the Treasury. The judgments will be just as much about the people of whom assurances are being sought as about the detailed facts and figures that will be presented by us as an institution and by other institutions that are affected. Q3770 Chair: May I reinterpret that as saying that if we are going to have a system based on judgment, the judgment must be exercised by very senior people with the self- confidence to vary that judgment, not box-tickers? Douglas Flint: I would agree with that. Q3771 Chair: Do you think there needs to be some sort of qualification based on a phrase in statute such as “reasonably foreseeable”? Douglas Flint: I do, because I think if you make it an absolute test it is very easy for someone to say you can never be absolutely certain of anything. Q3772 Chair: You, as a business, have a good opportunity to look at how it is conducted around the world. The US hands out, on the whole, larger regulatory fines—more have been announced today—has a tougher individual sanctions regime and, some say, has more politicisation of its regulation and, to some degree possibly, its judiciary. Is the US a tougher place for banks to do business? Does that toughness help engender a better culture? Douglas Flint: It is certainly a very difficult place to do business when you get it wrong, which I think we know very well. I support the view that tough but fair regulation is a comparative advantage. I think that financial systems benefit from strong, tough but fair regulation. The US has a tough system and it has a particularly penetrating examination of failure. It is the way it is, but I think we should aspire to having a tough, fair system here. That is what you are attempting to achieve. Q3773 Chair: Do you think the American system is fair? You are answering the question already, actually. Douglas Flint: I am not the judge of fairness. I think that where you make a mistake you are punished, and you are punished in a more penal way than other jurisdictions choose to do. The US has a concept of corporate criminal liability, which is not shared by many other jurisdictions. Having said that, those who operate in that jurisdiction are aware that those are the rules under which they operate. So it is not for me to comment on someone else’s legal 3 system. It is the legal system they have. We knew about that, and we know about that when we operate there. Q3774 Lord McFall of Alcluith: Mr Flint, when you were here last time, I asked you about HSBC being too big to manage, and I think you said that it was a good question. I want to look at the issue of the fines that you had over money laundering in the United States. The US Senate’s report has clarified that “overwhelming” amounts of Government information were available to HSBC regarding the specific high risk of money laundering in Mexican banks. This information was “inexplicably excluded” from the HSBC risk assessment matrix every year from 2002 to 2012 and from 2002 to 2009. HBUS gave Mexico its lowest risk rating for AML purposes. However, internal correspondence between members of the London compliance team refers to the “specific risks” of money laundering in Mexico—for example, a 2008 e-mail from Susan Wright, anti-money laundering compliance head for HSBC Group. “People on the ground”, such as John Root and Paul Thurston, also repeatedly expressed concerns about Mexico being a high-risk money laundering jurisdiction. Both of you had engagements in America and were directors of the Latin American holdings, etc. Given that HSBC paid almost $2 billion in fines over the money-laundering scandal, and the Senate reported that HSBC had “long-standing, severe, anti-money laundering deficiencies”, what does that failure tell you about the culture and the organisational weakness in HSBC? Douglas Flint: That is a very good question. One of the clear lessons that we have had as a result of this is that certain of the standards that we believed were being applied globally that were set from the centre were not being applied as they should have been. Certain of the matters that should have been shared and escalated were not being shared and escalated as well as they should have been, and certain of the external data sources—it is absolutely the case, and we have accepted that it is very much true, that there was a great deal of information regarding Mexico that was not taken into account in the risk assessment. That was an error, but I think we have also recognised that there are broader areas of knowledge and intelligence that we ought to now seek very hard to make ourselves knowledgeable of, so that we can ensure that such things do not happen in the future. I would like to ask Mr Gulliver to comment on how we have dealt with the operational side of dealing with these issues that arose, but you are right to say there were things we were not aware of and standards that we believed were being applied that were not. Q3775 Lord McFall of Alcluith: Given the almost cavalier approach of HSBC to the money-laundering issue, to the customer redress on PPI—for which you have put $2.7 billion aside so far—and to the acquisition of Household, which was an absolute disaster in the United States, relating to sub-prime investment quadrants, not one person has stood up and taken responsibility for this and said, “As a result of this shameful situation, I’m out the door.” Why has that been the situation? Why is everybody sat cosy in their chairs? Douglas Flint: I don’t think anyone is sitting cosy in their chair at all.
Load more

Recommended publications
  • Stuart Gulliver, Group Chief Executive, Said: “We Accept Responsibility for Our Past Mistakes
    HSBC’s response re HSBC and its staff allegedly contributed to human rights abuses by “doing business with Mexican drug lords, terrorist financers and pariah states” 19 March 2013 Business & Human Rights Resource Centre invited HSBC to respond to the following items: - “Outrage at vast HSBC profits and bonuses despite role in drug money laundering”, Global Witness, 4 Mar 2013: http://www.globalwitness.org/library/outrage-vast-hsbc-profits-and-bonuses-despite-role-drug- money-laundering HSBC sent us the following response: Our position on the US matters was clearly set out in December 2012. The attached press release of 11 December 2012 includes the following (extracts): Stuart Gulliver, Group Chief Executive, said: “We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again. The HSBC of today is a fundamentally different organisation from the one that made those mistakes. Over the last two years, under new senior leadership, we have been taking concrete steps to put right what went wrong and to participate actively with government authorities in bringing to light and addressing these matters." As noted in the DPA, HSBC Bank USA already has, over the past several years, undertaken the following voluntary remedial measures: increased its spending on anti-money laundering (AML) approximately nine-fold between 2009 and 2011; increased its AML staffing nearly ten-fold between 2010 and 2012; revamped its Know Your Customer programme, including treating non-US HSBC Group Affiliates as third parties subject to the same due diligence as all other customers; exited 109 correspondent relationships for risk reasons; clawed back bonuses for a number of senior officers, and spent over US$290m on remedial measures.
    [Show full text]
  • HSBC: Good Move Or Bad?
    The World’s Global Islamic Finance News Provider 17th October 2012 RED (All Cap) 950 HSBC: Good move or bad? The recent announcement by HSBC Major player 925 to rein back its retail Islamic banking HSBC is one of the biggest fi nancial business has been received with mixed institutions in the world. Its parent 900 feelings. A pioneer in Islamic fi nance 885.25 0.5% company, HSBC Holdings, has around among conventional global banks, HSBC 7,000 offi ces in over 80 countries across has a strong record in the industry and 875 Europe, Asia Pacifi c, the Americas, the 880.23 HSBC Amanah, its retail branch, is one Middle East and North Africa (MENA); of the most recognizeable Islamic retail with assets of US$2.65 trillion as at the 30th 850 brands. So what led to this decision — and W T F S S M T June 2012. HSBC Bank, which covers the what does it suggest for the future? We Powered by: IdealRatings® UK, serves over 16.1 million customers and take a look at whether the bank’s glass is employs over 50,000 people. HSBC Middle Volume 9 Issue 41 half full… or half empty. East, the largest international banking organization across the MENA region, IFN Rapids .........................................................2 On the 4th October HSBC Group announced Islamic Finance news .........................................6 operates in 14 countries through 273 offi ces that eff ective immediately, it would close with around 12,000 employees, and in IFN Reports: The measure of Islamic markets; its Islamic retail operations in the UK, Saudi’s Al Rajhi Bank posts negative surprise; 2011 recorded a pre-tax profi t of US$1.49 UAE, Bahrain, Bangladesh, Singapore and BIMB Holdings to pay US$324.78 million for billion.
    [Show full text]
  • Hsbc to Subscribe for New H Shares of Bank of Communications
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document. Abc The following is the text of an announcement released to the other stock exchanges on which HSBC Holdings plc is listed. 15 March 2012 HSBC TO SUBSCRIBE FOR NEW H SHARES OF BANK OF COMMUNICATIONS The Hongkong and Shanghai Banking Corporation Limited, a wholly-owned subsidiary of HSBC Holdings plc, has entered into a Subscription Agreement to subscribe for new H-shares of Bank of Communications Co., Ltd. (‘BoCom’), to be issued as part of a private placement of new H-shares and new A-shares announced by BoCom today. HSBC has agreed to subscribe for 2,355,939,435 H-shares at HK$5.63 per share. The total consideration of HK$13,264m (approximately US$1,709m) will be funded in cash from internal HSBC Group resources. Following the subscription, HSBC’s shareholding in BoCom will be no less than its current 19.03% shareholding. HSBC made its first investment in BoCom, China’s fifth largest bank by total assets, in August 2004. Stuart Gulliver, HSBC’s Group Chief Executive and Chairman of The Hongkong and Shanghai Banking Corporation, said: “Maintaining our stake in BoCom reinforces our position as the leading foreign bank in mainland China and is consistent with our strategy to deploy capital in faster growing markets.” The proposed private placement of BoCom shares, and HSBC’s participation, is subject to certain conditions, including and not limited to regulatory approvals and approval by the shareholders of BoCom.
    [Show full text]
  • Layout 1 (Page 1)
    BUSINESS WITH PERSONALITY BRITS HEAD JULIA ROBERTS STARS FOR GAMES IN EAT, PRAY, LOVE COMMONWEALTH GETS OK BUT SITE WEEKEND FILM REVIEWS P33 STILL A MESS P38 Issue 1,227 Friday 24 September 2010 www.cityam.com FREE GEOGHEGAN QUITS AFTER MISSING OUT ON CHAIRMAN ROLE Profits hit GULLIVER TO BE CEO • FLINT IS NEW CHAIR • MACKAY TO BE CFO record high at Arsenal ▲ EXCLUSIVE BY FRANK DALLERES COUP▲ AT HSBC ARSENAL will today announce record BANKING BY VICTORIA BATES pre-tax profits of around £55m, an increase of £10m, as the football club HSBC CHIEF executive Michael continues to reap the rewards of mov- Geoghegan is set to step down from ing to the Emirates Stadium. his role before the end of the year to City A.M. understands that the make way for investment banker strong performance of Arsenal Stuart Gulliver, after a boardroom Holdings’ property development arm coup that will rock the banking sector. has driven an increase in revenue. Geoghegan’s ego will be dealt a fur- The north Londoners’ continued ther blow with the appointment of success off the field will see them HSBC’s finance director Douglas Flint record an increase in turnover for the as chairman, a role Geoghegan is fourth successive year since leaving understood to have coveted since Highbury for their new home. Stephen Green’s resignation earlier Pre-tax profit is significantly up on this month. last year’s figure of £45.5m for the HSBC’s nominations committee has year ending 31 May. That improve- submitted recommendations for ment has been aided by strong sales of Gulliver and Flint to the board, paving apartments in the group’s Highbury the way for official approval of the Square Development.
    [Show full text]
  • HSBC Holdings Plc Announces the Appointment of Mark Tucker As a Director and Group Chairman Designate from 1 September 2017
    12 March 2017 HSBC APPOINTS MARK TUCKER TO SUCCEED DOUGLAS FLINT AS GROUP CHAIRMAN HSBC Holdings plc announces the appointment of Mark Tucker as a director and Group Chairman Designate from 1 September 2017. Mr. Tucker will take over as non- executive Group Chairman on 1 October. Mr Tucker is currently Group Chief Executive and President of AIA Group Limited (AIA). He joined AIA in July 2010, and led its successful IPO in October 2010. Since then, it has become the world’s largest independent publicly-listed pan-Asian life insurance group. Before joining AIA, Tucker’s career was primarily with Prudential plc. He was the founder and Chief Executive of Prudential Corporation Asia Limited (1994 to 2003) and was on the Board of Prudential plc for 10 years, serving as its Group Chief Executive from 2005 to 2009. As a non-executive director, Mr Tucker served on the Court of The Bank of England from June 2009 to May 2012, where he was a member of both its Financial Stability and Audit and Risk Committees. Since 2012 to the present, he has been an independent non-executive director of the Goldman Sachs group. He will stand down from that role before joining the Board of HSBC. Rachel Lomax, HSBC senior independent director, who led the appointment process along with Sam Laidlaw, chairman of the Nomination Committee, said: “We are delighted that in Mark Tucker we have secured someone who possesses the rare combination of experience demanded by the HSBC Board. He has a long track record of successful leadership of complex financial services businesses in both Asia and the UK.
    [Show full text]
  • Annual Results 2015 Media Release
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document. 22 February 2016 (Hong Kong Stock Code: 5) HSBC HOLDINGS PLC 2015 RESULTS HIGHLIGHTS Reported PBT up 1% in 2015 at $18,867m, compared with $18,680m in 2014. This primarily reflected a favourable movement in significant items. Adjusted PBT down 7% at $20,418m, compared with $21,976m in 2014. Adjusted revenue up 1% at $57,765m, compared with $57,227m in 2014. The increase was mainly in client-facing GB&M (7%), CMB (3%) and Principal RBWM (2%). Adjusted loan impairment charges up 17% at $3,721m, compared with $3,168m in 2014. The increases were across a number of countries, reflective of local themes and characteristics. Adjusted operating expenses up 5% at $36,182m reflecting wage inflation, business growth and investment in regulatory programmes and compliance. Excluding the UK bank levy, adjusted operating expenses in the second half of 2015 were broadly in line with the first half of the year reflecting strong cost management and the initial effect of our cost saving programmes. Return on equity of 7.2%, compared with 7.3% in 2014. Earnings per share and dividends per ordinary share in respect of the year were $0.65 and $0.51, respectively, compared with $0.69 and $0.50 for 2014.
    [Show full text]
  • Announcement
    Announcement 7th December 2018 For immediate release Appointment of Director Jardine Matheson Holdings Limited (the ‘Company’) announces that Stuart Gulliver has been appointed as a Non-executive Director of the Company with effect from 1st January 2019. Stuart will also join the Audit Committee. Stuart was Executive Director and Group Chief Executive of HSBC Holdings plc from January 2011 until February 2018. He was appointed to the Board in May 2008. He was Chairman of The Hong Kong and Shanghai Banking Corporation Limited from 2011 to 2018. Stuart has more than 37 years’ international banking experience, having joined HSBC in 1980 and worked for the group throughout his career. He has held key roles in the Group’s operations worldwide, working across Asia, Europe and the Middle East. Former appointments include Chairman of HSBC Bank plc, HSBC Bank Middle East Limited, HSBC Private Banking Holdings (Suisse) SA and HSBC France. After stepping down as Executive Director and Group Chief Executive in February 2018, Stuart continued to advise HSBC until he formally retired from HSBC on 11th October 2018. Stuart was appointed a member of the CE of the Hong Kong SAR Council of Advisors on Innovation and Strategic Development in March 2018. Ben Keswick, Group Managing Director, said: “I am delighted to welcome Stuart to the board and to the Jardines group. He has been instrumental in building HSBC over many years into a highly successful group with operations in nearly 70 countries and territories. I believe that Stuart will make an important contribution to the future growth of the Group.
    [Show full text]
  • Annual Report and Accounts 2016 Worldreginfo - 917B38ff-Bbdf-41Ec-Afbd-E800eab87e1e Connecting Customers to Opportunities
    HSBC Holdings plc Annual Report and Accounts 2016 WorldReginfo - 917b38ff-bbdf-41ec-afbd-e800eab87e1e Connecting customers to opportunities Our purpose is to be where the growth is, enabling businesses to thrive and economies to prosper, and ultimately helping people to fulfil their hopes and realise their ambitions. WorldReginfo - 917b38ff-bbdf-41ec-afbd-e800eab87e1e Contents As a reminder Strategic Report 2 Highlights An overview of how we are structured, 4 Group Chairman’s Statement Reporting currency what we do and where, our strategic 7 Group Chief Executive’s Review We use US dollars. 10 Our strategy actions, the principal risks we face, and 12 Strategic actions Adjusted measures high-level performance information. The 14 Financial overview We supplement our IFRS section is introduced by both the Group 18 Global businesses figures with adjusted Chairman and the Group Chief Executive, 20 Regions measures used by and also explains the role of the Board. 22 How we do business 25 Tax management internally. This Strategic Report was approved 26 Risk overview These measures are by the Board on 21 February 2017. 28 Remuneration Strategic Report highlighted with the following symbol: Douglas Flint, Group Chairman Further explanation may be found on page 30. Financial Review 30 Financial summary Detailed reporting of our financial 44 Global businesses and Unless stated otherwise, performance, at Group level as well geographical regions as within our matrix structure. It also 64 Risk risk-weighted assets 127 Capital and capital are calculated includes our full risk report and and presented on a reporting on how we manage capital. transitional CRD IV basis as implemented by the Prudential Regulation Authority.
    [Show full text]
  • HSBC Holdings
    HSBC Holdings plc Environmental, Social and Governance (ESG) Supplement Supporting sustainable growth November 2017 Cover image: Situ Patenggang, West Java, Indonesia (image is a submission in an HSBC Group-wide employee competition held in 2016). Photography: Nurwata Yuda Pradana, HSBC Indonesia, Jakarta Contents 1 About this Document 4 2 Introduction by Stuart Gulliver 5 3 HSBC at a Glance 6 4 Supporting Sustainable Growth 8 5 Financial Crime Risk Management 15 6 Our Approach to Tax 17 7 Update on Corporate Governance 18 8 Further Information 19 Environmental, Social and Governance (ESG) Supplement HSBC Holdings plc 3 About this Document The purpose of this document is to provide information to stakeholders about HSBC’s approach to key environmental, social and governance (‘ESG’) issues. It is designed to serve as an extension of, and be read in conjunction with, our Environmental, Social and Governance (ESG) Update of April 2017, which was the first such report we issued. This additional document provides further or updated material, reflecting our efforts to continue to improve our ESG reporting, as well as outlining our updated sustainability strategy, described on pages 8 through 14. It also complements our Annual Report and Accounts 2016, which contains details of our organisational structure, global footprint, governance, strategy, financial performance and risk management. Where appropriate, we have provided links to further information in our Annual Report and Accounts 2016, and on our website, www.hsbc.com. In our ESG reporting, we focus on the issues that we consider are material to our business. These issues are identified through an ongoing programme of investor, analyst and NGO engagement.
    [Show full text]
  • Annual Review 2011 Telephone: 44 020 7991 8888 Who We Are and What We Do Cover Image: ‘Connecting Customers to Opportunities’
    Connecting customers to opportunities HSBC Holdings plc 8 Canada Square London E14 5HQ HSBC Holdings plc United Kingdom Annual Review 2011 Telephone: 44 020 7991 8888 www.hsbc.com Who we are and what we do Cover image: ‘Connecting customers to opportunities’ HSBC is one of the world’s largest banking and Trade will continue to drive growth in the coming financial services organisations. With around 7,200 years as the rapid development of ‘South-South’ offices in both established and faster-growing trading routes – linking Asia with the Middle East markets, we aim to be where the growth is, and Latin America -- transforms the global economy. connecting customers to opportunities, enabling businesses to thrive and economies to prosper and, Our cover picture illustrates one such connection ultimately, helping people to fulfil their hopes and between the faster-growing economies of China realise their ambitions. and Brazil. It shows a Chinese ship delivering a quay crane to the Port of Santos in Brazil, the hub for We serve around 89 million customers through almost a quarter of Brazil’s trade and Latin America’s our four global businesses: Retail Banking and largest port. The Zhen Hua 25 is owned by a Wealth Management, Commercial Banking, Global Shanghai-based shipping company – a subsidiary Banking and Markets, and Global Private Banking. of an HSBC client -- whose fleet transports heavy Our network covers 85 countries and territories in machinery and marine engineering equipment made Europe, the Asia-Pacific region, the Middle East, in China to 176 ports in 76 countries worldwide. Africa, North America and Latin America.
    [Show full text]
  • In the United States District Court for the Western District of Tennessee Western Division
    Case 2:13-cv-02955-STA-dkv Document 14 Filed 03/07/14 Page 1 of 19 PageID 211 IN THE UNITED STATES DISTRICT COURT FOR THE WESTERN DISTRICT OF TENNESSEE WESTERN DIVISION VERRINA SHIELDS, Plaintiff, vs. No. 13-2955-STA-dkv HSBC BANK USA, NATIONAL ASSOCIATION; STUART GULLIVER, C.E.O; BANK OF AMERICA; BRIAN MOYNIHAN, C.E.O.; RUBIN LUBLIN, LLC; MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC.; and BILL BECKMAN, C.E.O. Defendants. REPORT AND RECOMMENDATION ON MOTIONS TO DISMISS On December 10, 2013, the plaintiff, Verrina Shields, a resident of Shelby County, Tennessee, proceeding pro se, filed a complaint entitled “RICO COMPLAINT”, (D.E. 1), and paid the case initiation fee. Summonses were issued for all the defendants named in the caption of the complaint.1 Now before the court are the following motions: (1) the December 18, 2013 motion of the defendant Rubin Lublin TN, PLLC2 to dismiss the complaint pursuant to Rule 12(b)(6) of the 1 The summons issued for Stuart Gulliver was returned unexecuted. (D.E. 11.) 2 Rubin Lublin TN, PLLC is incorrectly named in the Complaint as Rubin Lublin, LLC. Case 2:13-cv-02955-STA-dkv Document 14 Filed 03/07/14 Page 2 of 19 PageID 212 Federal Rules of Civil Procedure for failure to state a claim (Lublin Mot. to Dismiss, D.E. 6), and (2) the January 6, 2014 motion of the defendants HSBC Bank USA3 (“HSBC Bank Trustee”), Bank of America, and Mortgage Electronic Registration System, Inc. (“MERS”).4 This case has been referred to the United States Magistrate Judge for management and for all pretrial matters for determination and/or report and recommendation as appropriate.
    [Show full text]
  • HSBC Strengthens Emerging Markets Focus As the Group CEO Moves to HK
    Ab c 25 September 2009 HSBC STRENGTHENS EMERGING MARKETS FOCUS AS THE GROUP CEO MOVES TO HONG KONG *** Group CEO also to become Chairman of HSBC’s Asia business *** *** HSBC Holdings to remain domiciled in the UK *** HSBC, the world’s leading international and emerging markets bank, is to relocate the principal office of the Group Chief Executive to Hong Kong, in line with its stated strategy to focus on emerging markets and the unique international connectivity that HSBC’s global network offers its 100 million-plus customers around the world. The move further positions the Group for the shift in the world’s centre of economic gravity from West to East, while HSBC’s continued strong presence in major developed markets reflects the increasingly interconnected nature of the global economy and the profile of the Group’s customers. The Group was founded in Hong Kong and Shanghai in 1865 and remains the largest international bank in the region. Operating from Hong Kong, the hub for HSBC’s Asia-Pacific business, the Group Chief Executive, Michael Geoghegan, will be located in the Group’s strategically most important region, with a focus on ensuring its growth potential is fully realised. The Group Chief Executive will also assume responsibility for developing Group strategy in agreement with the Group Chairman and for recommendation to the Board. As chair of HSBC’s executive management team, the Group Management Board, he will continue to drive company performance within Board agreed strategic goals and commercial objectives. HSBC Holdings plc, the Group holding company, remains domiciled in the UK and has no plans to move.
    [Show full text]