HSBC, Standard Chartered shares plunged to post-1995 lows

Mumbai, Ta. 21 September 2020, Monday

Shares of global banking giant HSBC Holdings fell to a 15-year low and Standard Chartered fell to a 15-year low after a historic crash today. Shares of Barclays and Deutsche Bank have plunged as much as five per cent in global markets over the past two decades, despite warnings about the source of the money and allegations of large-scale misappropriation of illicit funds.

Shares of HSBC Holdings plunged as much as ૫૫ 6.5 a pound on the London Stock Exchange in the evening trade, falling ૫ 19.18 a pound, or 2.3 per cent, to a three-year low of ૮૫ 4.5. The Hong Kong stock market was trading at a low of ૩ 4.50, below the March 2008 low.

Shares of Standard Chartered Plaque plunged as much as 2.50 a barrel on the London Stock Exchange in the evening trade, falling ૭ 19.50 a share, or 2.50 per cent, to close at ૮ 61.50 a year later. Shares of Barclays Plaque fell to an intra-day low of ૯ 2.50 and fell to ૮ 6.05 an ounce, or 2.31 per cent, to ૩૪ 2.8 in the evening trade.

BuzzFeed and other media articles were based on leaked suspicious activity reports (SARs) filed by banks with other financial companies before the U.S. Department of the Treasury Financial Crimes Enforcement Network (FINSEN). Shares of HSBC fell as much as 4.5 per cent in the London Stock Exchange today, hitting a four-year low after the Asian currency crisis. The stock has been falling since the beginning of this year. Shares of Stanchart also fell 4.5 per cent to a three-year low today. The stock broke in the massive offloading with a four per cent crash in the European Banks Index.

More than 2,100 SARs, not necessarily proof of falsity, have been obtained by BuzzFeed News and exchanged with the International Consortium of Investigative Journalists (ICIJ) and other media organizations.

"All information provided by ICIJ is historical," HSBC said in a statement. The bank said the multi-year journey of full investigation began in 2012 with its ability to tackle financial crime. Standard Chartered said in a statement that it takes its responsibility to tackle financial crime very seriously and has made significant investments in its compliance programs. Barclays has said it will not allow the U.S. Has complied with all legal and regulatory responsibilities, including in relation to sanctions.

Shares of Deutsche Bank, meanwhile, fell 4.5 percent today. Other global banks, including London-headquartered HSBC and Stanchart, have paid billions of dollars in fines in recent years for violating US sanctions on Iran and anti-money laundering rules.

Media reports come at a time when both HSBC and Stanchart are reaping huge profits in Asia and undergoing the effects of the Kovid-12 epidemic.