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HSBC under fire over 'tax dodging' client data

US authorities step up investigation while British lawmakers plan inquiry into the bank

Zurich

HSBC Holdings Plc faces investigation by US authorities and an inquiry by British lawmakers after admitting failings by its Swiss private bank that may have allowed some customers to dodge taxes.

US prosecutors have stepped up efforts to establish whether HSBC, the world's second largest bank, helped Americans evade taxes after media reports said the bank had helped wealthy customers conceal millions of dollars of assets.

US authorities are also probing whether HSBC manipulated currency rates, and a US law enforcement official said on Monday the investigations could prompt the Department of Justice to revisit a 2012 deferred prosecution agreement with the bank.

The agreement was part of a...

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