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 [...]
FTSE 100 weighed down by banks and pound strengthens on Sunak’s second day in No 10 October 26, 2022 London’s FTSE 100 was dragged down today by investors ditching shares in the UK’s largest banks despite a strong set of results, but managed to squeeze gains thanks to a late rally. The capital’s premier index jumped 0.61 per cent to over the 7,000 mark points, while the domestically-focused mid-cap FTSE 250 index, which is [...]
HSBC shares sink to bottom of FTSE 100 despite profits topping City forecasts October 25, 2022 HSBC’s profits slid over 40 per cent in the third quarter of the year as it was hit by rising loan losses and hefty charges relating to the sale of its French retail business.
Government puts bank windfall tax on table to help plug fiscal hole October 19, 2022 The government has put a windfall tax on the UK’s largest banks on the table, sending their shares plummeting today. London-listed Lloyds Bank, which is Britain’s biggest mortgage lender, plunged to the bottom of the FTSE 100 index today, shedding 4.11 per cent. Previously state-owned NatWest trailed closely behind on the biggest losers’ table, dropping [...]
HSBC mulls ditching Canadian business amid Ping An breakup pressure October 5, 2022 HSBC is mulling hiving off its Canadian business in a move that could raise billions for Britain’s biggest bank. The banking giant has asked JP Morgan to identify possible buyers of its Canadian arm. Sky News first reported the news today. If HSBC did leave Canada – where it has built up a sizable £6bn [...]