HSBC Data Theft Involved Thousands Of Accounts (HBC)

Banking giant HSBC (ADR) (NYSE: HBC) has admitted that a data theft carried out by one of its employees involved more than 24,000 accounts.

The theft is a major point of contention in the bank’s recent tax dispute with France. The data theft was related to HSBC’s private banking unit.

Earlier, the bank had said that the theft involved mere 10 clients. However, HSBC said, “The bank does not believe that the stolen data has or will allow any third party to access any client account.”