6. HSBC

HSBC suffered a reputational damage until July, when in an investigation US Senate found that the bank lacked the necessary money-laundering controls. US lawmakers accused the global bank of giving Iran, terrorists and drug dealers’ access to the US financial system. Cash was freely transferred from the firm’s Mexico branch to the United States, despite suspicions that it could be the proceeds of drug lobby activity. US authorities plan to fine a penalty of $1.9 billion against British bank HSBC.

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7. Mis-selling of interest rate swaps

In June, UK’s four leading retail banks agreed to compensate small and medium sized enterprises to which they had missold interest rate hedging products. The Financial Services Authority (FSA) discovered that there were “serious failings” ” in the way banks had marketed its product to some customers. Due to this customers witnessed a “severe impact” in their businesses. Interest rate swaps are designed to reduce the risk of interest rate fluctuations for enterprises taking loans, but the complexity of the products can lead to a danger of misselling, according to the FSA. Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland have all pledged to immediately halt the sale of complex interest rate hedges to businesses houses.

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