Tom Burroughes
Group Editor
4 May 2012
Daily News Analysis
HSBC’s Swiss private bank said fines and penalties linked to a US tax evasion investigation “could be significant” as it published figures showing client outflows in the second half of last year.
The terms or timing of a resolution to the Department of Justice and Internal Revenue Service investigations cannot be determined at the present time, the Geneva-based HSBC Private Bank (Suisse) said in its annual report published on the firm’s website today.
The statement did not suggest an actual figure for any penalties it may suffer, however.
“HSBC Private Bank (Suisse) SA continues to cooperate, with due regard for Swiss law, in ongoing investigations by the US Department of Justice and the US Internal Revenue Service regarding whether HSBC Private Bank (Suisse) SA acted appropriately in relation to certain customers who had US tax reporting requirements,” the statement said.
