An HSBC branch in central London, Nov. 2, 2015. (AP Photo/Tim Ireland)
An HSBC branch in central London, Nov. 2, 2015. (AP Photo/Tim Ireland)HSBC, the world’s sixth-largest bank by assets, rolled out a new digital wallet service with foreign currency exchange functions for its U.S. bank customers, as fintechs accelerate growth in cross-border payments.

U.S. prosecutors have recently gone after multiple multinational lenders for currency price-rigging. (Photo by Colin Watts on Unsplash)
U.S. prosecutors have recently gone after multiple multinational lenders for currency price-rigging. (Photo by Colin Watts on Unsplash)HSBC's former top foreign exchange trader, the first person convicted in a crackdown on rigging in the $6.6 trillion global currency markets, failed to persuade the U.S. Supreme Court to take up a challenge of his case.

In this file photo, people walk past a branch of HSBC bank in London. (AP Photo/Frank Augstein, File)
In this file photo, people walk past a branch of HSBC bank in London. (AP Photo/Frank Augstein, File)HSBC executives said Tuesday the global economic forecast is more optimistic than it was three months ago, allowing the bank to accelerate its plans for growth and restructuring and potentially to return capital to investors early next year.

A man walks past the corporate logo for the British Bank HSBC at a branch in central London, Monday, Aug. 2, 2010. (AP Photo/Alastair Grant)
A man walks past the corporate logo for the British Bank HSBC at a branch in central London, Monday, Aug. 2, 2010. (AP Photo/Alastair Grant)HSBC, Barclays, Banco Santander and other big European banks may be using tax havens and profit shifting tactics to avoid paying some taxes in their home countries on their gains, an industry watchdog said.

A man walks past the corporate logo for the British Bank HSBC at a branch in central London, Monday, Aug. 2, 2010. (AP Photo/Alastair Grant)
A man walks past the corporate logo for the British Bank HSBC at a branch in central London, Monday, Aug. 2, 2010. (AP Photo/Alastair Grant)Credit ratings agency Moody’s downgraded its ratings of HSBC, Lloyds Bank and Santander’s U.K. divisions on Tuesday, just days after it also cut the British government’s sovereign debt rating.

HSBC may stop doing business with 40 French companies en route to completing its massive global restructuring, dumping one-fifth of its corporate client base in the country.

The Facebook-backed Libra Association said Thursday it appointed financial services veteran Ian Jenkins to the dual roles of chief financial officer and chief risk officer for the unit tasked with overseeing its planned crypto payments system, as the group continues to prep for a full launch.

Global banks and other financial institutions that serve people considered responsible for China’s crackdown on civil liberties in Hong Kong will soon face sanctions, the U.S. State Department said Wednesday.

HSBC was not involved in arranging a recent $6 billion Chinese government dollar bond sale, an unusual move for the U.K.-based financial institution, which has long had strong ties with the country, Bloomberg reported Tuesday.

HSBC on Friday became the latest bank to vow to align its portfolio with the Paris Agreement, saying that it would provide between $750 billion and $1 trillion in investments over the next decade to support the transition to a low-carbon economy.

HSBC’s U.S. subsidiary revealed plans to launch a new managed portfolio that invests in global companies that have a leading presence in the digital innovation space, as the bank looks to help investors take advantage of the sector's accelerated growth due to the global pandemic.

Fifty-five financial institutions including HSBC, Standard Chartered and Crédit Agricole joined a global initiative that awards stamps of approval to companies that meet science-based climate targets in alignment with the Paris Agreement.

Ping An Group, the top shareholder of HSBC, has lifted its stake in the bank to 8% as the U.K. lender continues its pivot to China, a strategy which has drawn scrutiny from Western politicians amid rising political tensions.

HSBC Bank USA said Thursday it had created the new position of U.S. head of inclusion and culture, a role focused on growing the bank’s diversity efforts in response to continued demands for better minority representation at major companies.

Former HSBC Chief Operating Officer Andy Maguire has joined cloud banking technology company Thought Machine as chair of the company’s board, the London-based startup said Wednesday, following the company’s $125 million Series B funding round.

U.S. Bancorp and Wells Fargo performed the worst for struggling U.S. mortgage borrowers at the height of the COVID-19 pandemic, according to a new analysis published Tuesday by an advocacy group for front-line bank employees.

A U.S. federal judge approved an aggregate $187 million settlement agreement resolving an antitrust class action against seven of the world’s largest banks that claimed the banks colluded to misreport and manipulate LIBOR rates, harming eurodollar investors.

The world’s largest banks are better equipped to handle the current crisis than the rest of the sector as a result of regulation and restructuring imposed after the 2008 financial crisis, Moody’s said Thursday.

The Facebook-backed Libra Association said on Thursday that it appointed former HSBC executive James Emmett as the CEO and managing director of Libra Networks, the unit tasked with developing and operating the company’s cryptocurrency payments system.

The U.K.’s biggest banks are likely to see troubled loans surge by 2022 as the fallout from the coronavirus pandemic eats its way through the economy, Moody’s said in a report Tuesday.