HSBC has paid SFr40m ($43m) in compensation to the Geneva prosecutor to resolve a high-profile money laundering investigation into its Swiss arm, clearing up one of numerous misconduct issues hanging over Europe’s biggest bank.
The move comes as HSBC prepares to unveil a key strategic update to investors next Tuesday that is expected to include thousands of job cuts, a multibillion dollar reduction of assets and the $5bn sale of Brazilian and Turkish units.
The update is seen by HSBC insiders as an opportunity for Stuart Gulliver, chief executive, to retake the initiative after being criticised by politicians over the controversy at its Swiss arm and facing pressure from investors for its flagging financial performance.
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