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Friday newspaper round-up: HSBC, Tesco, JP Morgan…

Your Money
Written By:
Your Money
Posted:
Updated:
24/05/2013

HSBC money-laundering settlement could be rejected; head of Tesco’s failed US business walks away with £3m; JP Morgan fined millions for advice failings.

According to The Guardian, the $1.9bn settlement deal that HSBC agreed with US authorities over money-laundering offences, could be at risk, meaning that the bank could face criminal charges. The original settlement meant that HSBC wouldn’t face prosecution but the judge overseeing the case is now thought to be considering rejecting the deal.

The Independent says that the Tim Mason, the head of Tesco‘s failed, loss-making US business, walked away with nearly £3.0m last year.

A wealth management division of JPMorgan Chase has received a £3.08m fine by the UK FInancial Conduct Authority for not having records to show it was giving clients good advice, according to The Scotsman.

Banks in Spain will need to put aside more provisions of up to €10bn to cover loans that borrowers may struggle to repay, according to forecasts by the Bank of Spain, writes the Financial Times.

Deutsche Bank yesterday had to halt speeches at its annual general meeting in Frankfurt after a group of investors mounted a protest and had to be escorted by police. They accused the company of being “crisis profiteers”.

The Times writes that property group British Land is to spend up to £500m on assets in Paddington Central, “a signature development that marks the capital’s gateway to the west”. The company is thought to be in discussions with Aviva Investors about an office building in the area.