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Financial Services, Insurance and Banking

Banks, investment firms, insurance companies are integral to the operation of every industry we cover. They are the nervous and circulatory systems of the corporate world. In a world where everything - even a human life - can be assigned a monetary value; where limitless money and great risk intersect, lies opportunity for greed, corruption, and fraud.


Ernst & Young Pays $10 Million To Settle Lehman Brothers Audit Failure Lawsuit
by Pratap ChatterjeeCorpWatch Blog
April 17th, 2015
Ernst & Young, one of the Big Four auditing firms, has agreed to pay a $10 million to New York state to settle a lawsuit for overlooking accounting gimmicks by Lehman Brothers, the defunct Wall Street bank. The scheme allowed Lehman to hide billions of dollars in bad deals.

Details Of Tax Avoidance Schemes For Wealthy HSBC Clients Revealed
by Mayu ChangCorpWatch blog
February 27th, 2015
A cache of secret documents has thrust HSBC, the world’s second largest bank, into the limelight for helping international clients dodge taxes. A series of articles published by the International Consortium of Investigative Journalists is finally pushing reluctant governments to act almost eight years after the original leaks.

U.S. Government Fails to Act on JP Morgan Whistleblower's Evidence
by Richard SmallteacherCorpWatch Blog
December 5th, 2014
A whistleblower has stepped forward to provide evidence that executives at JP Morgan, a major Wall Street bank, were aware that the bank was selling bad mortgages – but she says that the U.S. government has failed to do anything with the evidence that she has provided to them.

Argentina and Belgium Accuse HSBC of Aiding Tax Evasion
by Pratap ChatterjeeCorpWatch Blog
November 28th, 2014
Argentina and Belgium have separately accused HSBC bank's Geneva branch of setting up a network of offshore accounts to help their citizens avoid paying billions of dollars in taxes. The charges are apparently based on a trove of documents provided by Hervé Falciani, a former HSBC employee turned whistleblower.

Major Banks Prepare to Pay Billions For Foreign Exchange Manipulation
by Richard SmallteacherCorpWatch Blog
October 31st, 2014
Multinational banks are preparing to pay out billions of dollars in fines to settle charges of foreign exchange manipulation. Some 19 investigations in ten different legal jurisdictions are now winding their way to completion and analysts says the final tally may hit $41 billion.

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