ECJ confirms HSBC rigged Euribor but bank avoids £30m fine January 12, 2023 The European Court of Justice confirmed that HSBC rigged the Euribor rate, but confirmed that HSBC would not pay a £30m (€33.6m) fine. In a ruling released today, the ECJ dismissed HSBC’s “action challenging the finding that it participated in the cartel at issue”. The European Commission investigated HSBC, Credit Agricole and JP Morgan and, [...]
Barclays, NatWest and HSBC increasingly targeted by litigation funders in wave of class-action lawsuits January 9, 2023 The UK’s top banks are increasingly being targeted with class-action lawsuits as litigation funders back claims against some of Britain’s largest lenders in their pursuit of high returns. Banks listed on the FTSE 100 index are currently facing at least 109 class-action lawsuits in multiple countries around the world, according to analysis by law firm [...]
Sign of the times: Bank branches shut doors in their thousands December 24, 2022 More than 5,000 bank and building society branches have closed over the past seven years, according to analysis from Which? The consumer group counted 5,162 bank and building society branches which have closed since January 2015. A further 206 branches are set to close by the end of 2023, according to the Which? findings, as [...]
Relief for mortgage prisoners: Six banks to begin lending on flats with unsafe cladding December 20, 2022 A handful of the country’s biggest banks will consider mortgage applications for some flats with dangerous cladding from January, in a sigh of relief for people trapped in unsellable properties. Lenders withdrew mortgage provisions for unsafe flats following the Grenfell Tower disaster, when 72 people were killed in a fire at a high-rise block in [...]
HSBC has ‘moved on’ from exploring Asian business sell off, chief Quinn says December 1, 2022 The HSBC board has “moved on” from exploring selling its Asian business in a move that would have kowtowed to its largest shareholder, the bank’s chief executive said today. Speaking at the Financial Times’s banking summit, Noel Quinn doubled down on his conviction that HSBC should continue to operate as a global bank. Investors “want [...]
HSBC ditches 114 branches as Brits flock to mobile banking November 30, 2022 Britain’s biggest lender HSBC is closing 114 high street branches from next April driven by consumers shunning in person services for online banking, it announced today. The number of Brits visiting their local HSBC store has plummeted since the pandemic, which engineered a surge in mobile banking app usage to manage finances. The move adds [...]
FTSE 100 lifted by investors cheering HSBC Canada arm sale November 29, 2022 London’s FTSE 100 was boosted today by investors pouring into HSBC after it confirmed it has ditched its Canadian business for £8.4bn. The capital’s premier index jumped 0.51 per cent to 7,512 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.55 per cent [...]
HSBC shares top FTSE 100 after it offloads Canada business to RBC for £8.4bn November 29, 2022 BRITAIN’S biggest bank HSBC has sold its Canadian business to Royal Bank of Canada (RBC) for $10.1bn (£8.4bn) in a move that may save some face with disgruntled Asian investors demanding the firm be broken up. The Canary Wharf headquartered lender said today it plans to redistribute a chunk of the $5.7bn (£4.7bn) profit it [...]
Ping An chairman makes first public call for break up of HSBC November 5, 2022 The chairman of HSBC’s largest shareholder Ping An has said the Chinese insurer would support plans to spin off HSBC’s Asian business in warning the bank’s global business mode is “no long competitive”. Ping An Asset Management chairman Huang Yong warned HSBC is lagging behind its peers, as he called on the bank to “reallocate [...]
Awkward questions in Canary Wharf as HSBC accused of pumping ‘sustainable bonds’ into fossil fuels October 31, 2022 HSBC has allegedly pumped billions of dollars into fossil fuels, deforestation and air travel and labelled it “sustainable finance”. A new investigation investigation by the Bureau of Investigative Journalism and the BBC has suggested that at least $2.4bn of deals that the bank counts towards its sustainability goals were actually contributing to climate change. HSBC has committed [...]