HSBC fined record $51 million over Lehman-linked products
HSBC's private-banking unit was fined a record $51 million over sales of structured products linked to Lehman Brothers in Hong Kong. The unit will also lose its licence to advise on securities for one year, while its licence to deal in securities will be partially suspended for a year. HSBC said the suspensions wonât affect private-banking operations in Hong Kong.