22.09.2020. Barclays and HSBC shares fall after reports of alleged suspicious transfers

Company News

Shares in the banking sector fell on Monday, on 21 September 2020, after media reports that some of the world’s largest banks had moved large sums of allegedly illicit funds over nearly two decades, despite red flags about the origins of the money.

Barclays fell by 4% in early trading in London and HSBC and Standard Chartered both lost 3%. Earlier in Hong Kong, HSBC dropped more than 4%, taking the shares to their lowest level since May 1995.

The drop came after thousands of documents detailing $2tn (£1.55tn) of potentially corrupt transactions that were madd through the US financial system were leaked to an international group of investigative journalists.