HSBC fined £12m by US watchdog due to ‘widespread and longstanding failures’ in bank’s Whatsapp use May 11, 2023 HSBC has been fined $15m (£12m) by the US Securities and Exchange Commission (SEC) as banks continue to pay the price for the use of private messaging services such as Whatsapp. The penalty was issued in response to “widespread and longstanding failures” by the bank and its employees to “maintain and preserve electronic communications.” According [...]
FTSE 100 close: Wall Street sea of red offsets HSBC and Persimmon gains in London May 2, 2023 London’s FTSE 100 was dragged deep into the red in the final hours of trading today after Wall Street was pushed lower by investors sweating over more possible banking collapses. The capital’s premier index initially climbed in the morning before eventually closing 1.23 per cent lower at 7,774.12 points, while the domestically-focused mid-cap FTSE 250 [...]
Tide turns against Ping An as HSBC’s pay outs convince investors, analysts, and boost the share price May 2, 2023 The tide seemed to turn against Ping An today as HSBC recorded bumper profits and a major shareholder rejected the Chinese insurer’s spin-off campaign.
HSBC share price soars after profit surge and bumper buyback May 2, 2023 HSBC has announced its first quarterly dividend since the pandemic and a $2bn share buyback.
HSBC latest bank to make hay from interest rate hikes, with profits up over £3bn May 2, 2023 HSBC’s pre-tax profits soared by more than four billion dollars (£3.2bn) in the first three months of 2023, according to a trading update from the banking group. Revenue soared by 64 per cent to $20.2bn (£16.2bn) compared to the same period 12 months ago, the company crediting the rise to higher net interest income due [...]
Recession knife-edge: Consumer spending on credit at £1.3bn as house prices continue to slide May 2, 2023 Britain’s better than expected economic performance since the turn of the year is poised to have lured consumers into splashing the cash on their credit cards, new numbers out this week are tipped to show. Families are tipped by markets to have borrowed £1.3bn in March, which would signal spending in the UK is holding [...]
FTSE 100 close: Persimmon and Standard Chartered peg losses on London index April 26, 2023 London’s FTSE 100 skidded lower today despite a decent batch of results pumping up banks and house builders. The capital’s premier index lost 0.49 per cent to close at 7,852.63 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, edged 0.04 per cent lower to [...]
Standard Chartered, Barclays, Natwest kick off UK bank earnings this week with interest income back in focus April 24, 2023 Profit looks set to increase at the UK’s largest lenders as they line up to report first quarter earnings over the coming two weeks. The FTSE banking giants have seen relative stability over the last few weeks following the extreme volatility in March, but this stability means investors will refocus their attention on other major [...]
HSBC shareholders should not vote for Asia spinoff plan, warns advisory group ISS April 23, 2023 HSBC investors should vote against a resolution by the bank’s biggest shareholder Ping An, shareholder advisory group ISS said. Ping An are calling on HSBC to consider strategic options – including a spinoff of its Asia business. The proposal, over which the bank and the Chinese insurer have been arguing since last November, “lacks detailed rationale”, ISS [...]
HSBC faces more shareholder pressure as Pirc urges investors to vote against re-election of Noel Quinn April 23, 2023 HSBC faces yet more trouble at its upcoming AGM as shareholder advisory firm Pirc urges shareholders to vote against the re-election of chair Noel Quinn, according to a report in the Mail on Sunday. Justifying the recommendation, the investment advisory firm highlighted the bank’s alleged links to Hong Kong human rights abuses. Pirc said: “While [...]