Accused: Prosecutors in Belgium say HSBC is involved in steering clients toward tax evasion vehicles in Switzerland. Belgium is thought to have missed out on probably less than €1 billion in tax revenue because of the bank’s tax evasion schemes. A similar investigation is underway in France, the bank says. Separately, prosecutors in France are looking into reports of insider trading by executives at BNP Paribas.
Layoffs: Royal Bank of Canada (RBC) is closing its offshore banking operations in the Caribbean and closing some other wealth management offices. A published report estimates 300 job cuts.
Seeking capital: Lorain National Bank in Lorain, Ohio, is seeking a buyer and expects to close a sale before the end of the year. The bank took large losses that started in 2007 but received a federal bailout, repaid in 2012 when the bank returned to profitability. It has $1 billion in deposits.
A Senate bill would require the president of the New York Fed, one of the country’s most powerful financial regulators, to be nominated by the U.S. President and confirmed by the Senate. The move comes as policymakers review evidence that the New York Fed is effectively owned by the Wall Street banks it is supposed to supervise.
