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HSBC Warned Twice by Bank of England on Conduct Risk Control

  • Assaf sees warning as emergency, holds investment bank summit
  • Staff survey raises questions about culture inside London unit
HSBC Holdings Plc Headquarters And Branches As Banks Seeks To Stop Slump In Revenue
Photographer: Luke MacGregor/Bloomberg
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The Bank of England has warned HSBC Holdings Plc for two years in a row that it hasn’t done enough to tackle concerns about how the bank handles risks including financial crime and staff conduct.

Samir Assaf, HSBC’s top investment banker, told executives on a conference call this week that the central bank’s Prudential Regulation Authority informed the firm that it was making insufficient progress on non-financial risks, according to people familiar with the discussion who requested anonymity.