HSBC Holdings Plc News

Banks use Libor to set rates on hundreds of trillions of dollars of credit card, mortgage, student loan and other transactions, and to determine the cost of borrowing from one another.

HSBC won approval last month in China to establish an investment banking joint venture with a state-backed fund, ending a 20-month wait, making it the first such venture in China to be majority-owned by a foreign bank.

A senior HSBC Holdings Plc manager has been arrested and charged alongside a former foreign exchange executive with engaging in a scheme to front-run a $3.5 billion transaction by one of the bank`s clients, US prosecutors said on Wednesday.

Some 70 people working in the division headed by Shantanu Ambedkar will now be absorbed into the retail bank.

Primary dealers are the banks authorized to transact directly with the Federal Reserve who are big players in Treasury bond auctions and act as market makers in the secondary market.

HSBC Holdings Plc was on Monday ordered to face three U.S. lawsuits accusing it of breaching its duties as a trustee overseeing residential mortgage-backed securities that suffered more than $34 billion of losses in the global financial crisis.

HSBC Holdings Plc is planning to cut thousands of jobs globally and is set to make an announcement next week, Sky News reported on Monday, citing unidentified sources.