Ex-HSBC chairman Lord Green is stepping down from his role on the board of The City UK following accusations that the bank helped clients evade tax while he was in charge.
Green, who is a Tory peer, joined the board of the financial services membership body and lobby group just under a year ago, following a stint as trade minister for the Conservative Party.
The City UK has claimed that the decision to resign was made by Green to prevent the controversy from interfering with the group’s work.
“Stephen Green is a man of great personal integrity who has given huge service to his country and the City,” said Sir Gerry Grimstone, Chairman of The City UK’s board.
“He doesn’t want to damage the effectiveness of The City UK in promoting good governance and doing the right thing, so has decided to step aside from chairing our advisory council. This is entirely his own decision.”
Grimstone will step in as interim Chairman following Green’s departure.
HSBC is currently facing criminal charges in the US, France, Argentina and Belgium for allegedly helping clients to dodge taxes by funnelling money into Swiss bank accounts between 2005 and 2007.
It is not yet clear how much Green, who led the bank as chief executive in 2003 and became its chairman in 2006, knew about the practice.
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
As the May 25 deadline for Europe’s General Data Protection Regulation (GDPR) inches closer, many treasurers are being lumped with the task of ensuring their wider company is compliant.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
#PSD2FinishLine recently started trending on Twitter. As the country slowly grows in excitement throughout the month of November, with the C-word on ... read more