WASHINGTON (Reuters) - The Federal Reserve on Friday fined HSBC Holdings PLC (HSBA.L) $175 million for “unsafe and unsound practices” in its foreign exchange trading business.
HSBC failed to monitor chatrooms where traders swapped information about investment positions, the U.S. central bank said.
“The board levied the fine for deficiencies in HSBC’s oversight of and internal controls over FX traders,” the Fed said in a statement.
This week, Mark Johnson, the former head of HSBC’s global foreign exchange cash trading desk, went on trial for his alleged role in improper trades.
Reporting by Patrick Rucker; editing by Chizu Nomiyama, G Crosse
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