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HSBC Warned Twice by Bank of England on Conduct Risk Controls

November 7, 2019 admin Comments Off on HSBC Warned Twice by Bank of England on Conduct Risk Controls

(Bloomberg) — 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.Assaf said the PRA’s warning was recently reiterated this year, following a previous letter in 2018, and he considers it an emergency …read more […]

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PG&E Sees Up To $6.3 Billion in Costs From Fires, Bankruptcy

November 7, 2019 admin Comments Off on PG&E Sees Up To $6.3 Billion in Costs From Fires, Bankruptcy

(Bloomberg) — PG&E Corp., the California utility that went bankrupt in January after its equipment sparked deadly wildfires, expects as much as $6.3 billion in after-tax costs from the blazes, its Chapter 11 case and the recent blackouts.The troubled power giant reported a $1.6 billion loss for the third quarter. It was driven by $2.5 billion pre-tax charge for claims related to the 2017 Northern California wildfires and the 2018 Camp fire, the company said in a statement Thursday. PG&E is not providing 2019 earnings guidance.The shares fell 3.8% at 9 a.m., and are down 71% on the year. “Obviously …read more […]