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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  HSBC Holdings plc    HSBA   GB0005405286

HSBC HOLDINGS PLC

(HSBA)
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HSBC : StanChart Shares Decline After Reports of Illicit Activity

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09/21/2020 | 02:24am EDT

By Yifan Wang

Shares of HSBC Holdings PLC and Standard Chartered PLC dropped in Asian trading Monday following media reports overnight that the two banks and others moved suspected illicit funds despite red flags about their origins.

The allegations, made by U.S. news outlet BuzzFeed News in collaboration with global news organizations including the International Consortium of Investigative Journalists, are based on leaked documents relating to more than $2 trillion of transactions mostly between 2011 and 2017.

The documents, known as suspicious activity reports, were filed by banks and other financial firms with the U.S. Treasury Department's Financial Crimes Enforcement Network, or FinCEN, about transactions they believe could be part of financial crimes, such as money laundering.

"We take our responsibility to fight financial crime extremely seriously and have invested substantially in our compliance programs," Standard Chartered told The Wall Street Journal. HSBC didn't immediately respond to a request for comment.

HSBC shares fell as much as 4.4% to HK$29.60, their lowest level since 1995. StanChart's stock lost up to 3.8% to HK$35.80, a four-month low.

Shares of both lenders have been knocked lower in recent weeks amid investor concerns about dim prospects for revenue growth given deteriorating global economies.

 

Write to Yifan Wang at yifan.wang@wsj.com

 


Stocks mentioned in the article
ChangeLast1st jan.
HSBC HOLDINGS PLC 0.17% 324.55 Delayed Quote.-45.17%
STANDARD CHARTERED PLC 2.26% 351.8 Delayed Quote.-50.62%
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Financials (USD)
Sales 2020 50 065 M - -
Net income 2020 3 719 M - -
Net Debt 2020 - - -
P/E ratio 2020 23,6x
Yield 2020 1,57%
Capitalization 85 152 M 85 192 M -
Capi. / Sales 2020 1,70x
Capi. / Sales 2021 1,72x
Nbr of Employees 230 317
Free-Float 98,1%
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Technical analysis trends HSBC HOLDINGS PLC
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Income Statement Evolution
Consensus
Sell
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Mean consensus UNDERPERFORM
Number of Analysts 24
Average target price 4,68 $
Last Close Price 4,20 $
Spread / Highest target 77,1%
Spread / Average Target 11,4%
Spread / Lowest Target -30,9%
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Managers
NameTitle
Noel Paul Quinn Group Chief Executive Officer & Executive Director
Mark Edward Tucker Non-Executive Group Chairman
John M. Hinshaw Group Chief Operating Officer
Ewen James Stevenson Chief Financial Officer & Executive Director
May Lung Cha Independent Non-Executive Director
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