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HSBC faces $2.4 billion bill for new ringfencing rules| Reuters

Jul 01, 2015    

LONDON HSBC will face a bill of around 1.5 billion pounds ($2.4 billion) to shield its domestic retail customers from riskier parts of its operations, the chairman of its UK business told lawmakers on Tuesday.The Bank of England has told banks they must set up a boundary around their branch operations to protect taxpayers from any repetition of the multi billion-pound bailouts required during the financial crisis of 2007 to 2009.Among the requirements will be new boards of directors for the ring-fenced entities, new staff contracts and separate pension schemes. Banks will also need to separat...

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