Hsbc, after the Swissleaks scandal that emerged with the Falciani list, announces today that it has cended 2014 with profit down 15% year on year, at 13,7 billion dollars. Revenues were 62,0 billion dollars, essentially stable compared to 61,8 billion in 2013, while tier 1 assets rose slightly (to 10,9% from 10,8% at the end of 2013).
The British banking giant, in its 2014 results release, once again apologized for the scandal involving its Swiss branch: “We are deeply sorry and we apologize for the conduct and for the shortcomings that emerged which were in contrast with our corporate policies and with what is expected of us”.
Meanwhile, the news also comes from the British banking world that the London government has sold a 1% stake in Lloyds Banking Group for £500m. This was announced by the British Treasury, explaining that its stake thus drops from 24,9% to just under 24%.
The institute had been saved from bankruptcy in 2008 with a 20 billion pound intervention. The government initially took over 39% of Lloyds and has so far recovered around £8bn as its stake is progressively privatised.
