Former HSBC chief pleads guilty in $1.8 billion french tax case

Pedro Gonçalves
clock • 1 min read

The former chief executive of the bank's Swiss private banking arm, Peter Braunwalder, pleaded guilty to helping wealthy clients hide assets worth at least $1.8bn as French prosecutors ramp up their fight against white-collar crime. The banking giant was accused of failing in its supervisory role over its private banking division, but further investigation led to suspicions that HSBC "participated actively in the fraudulent practices". Peter Braunwalder was fined €500,000 and given a one-year suspended jail sentence, according to a Paris court ruling on the plea. The 68-year-old admit...

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