HSBC ( HBC) is trending after the European bank posted a 5.6% decline in full-year profit after incurring a record fine penalizing the company for compliance failures. HSBC faced a fine of $1.9 billion to settle U.S. money-laundering allegations and also spent an additional $500 million on compliance. The company reported pretax profit for 2012 that dropped to $20.65 billion, falling short of analysts' expectations of $23.49 billion. HSBC also took a $5.2 billion charge for revaluing its own debt. HSBC agreed to settle U.S. charges that it aided groups like Mexican drug cartels launder millions of dollars in December.
President Barack Obama is another popular search. As a way of ending automatic spending cuts that went into effect on Friday, Obama proposed cutting entitlements like Medicare and Social Security. Obama made calls to Democrats and Republicans on Saturday to discuss reforming entitlement programs. Republicans have long called for slowing the cost of social safety net programs in order to bring down the budget deficits. In addition to saving on entitlement programs, Obama has said new tax revenue should be incorporated, which Republicans oppose.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move. -- Written by Brittany Umar.