Leaked ASA report: Regulator to order HSBC to end greenwashing and stop misleading UK customers April 29, 2022 City A.M. understands that a preliminary, unpublished decision by the advertising regulator rules that a number of HSBC’s climate-focused ads are misleading, and that the watchdog demands that future marketing must not omit significant information about its contribution to rising emissions. The ASA’s draft recommendations, seen by this paper, focus on two of HSBC’s ads, [...]
Sombre faces in Canary Wharf as HSBC profits nosedive on Ukraine war and inflation worries April 26, 2022 It’s not the best of mornings for HSBC as the banking giant saw its first-quarter profits tumble by more than a quarter after taking a hit on expected bad debts due to the Ukraine war and soaring inflation. The lender posted a 28 per cent drop in pre-tax profits to £3.3bn for the first three [...]
London-listed life sciences firm agrees £150m debt financing facility with HSBC March 30, 2022 Life Science REIT has agreed a £150m debt financing facility with HSBC, in a bid to fund new life science properties across the Golden Triangle: London, Oxford and Cambridge. The deal, in what will be the company’s first borrowing agreement, is made up of a £75m three-year term loan facility and a £75m revolving [...]
HSBC to sell off Greek branches in £4.5bn push further into Asia March 14, 2022 HSBC is set to sell off its Greek retail bank as it doubles down on its Asia operations – the lenders largest market. The deal with local lender Pacreta Bank forms part of a wider five-year restructuring plan at HSBC, which included cutting its loss-making US retail bank last year. The figure of the deal [...]
Exclusive: HSBC customers threaten to switch banks unless it cuts Russian oil ties March 11, 2022 More than 1,700 HSBC customers have written to the bank urging it to cut its ties with Russian oil and gas businesses, research shared exclusively with City A.M. has revealed. It comes amid lingering controversy over HSBC’s backing of China’s national security law as it was imposed in June 2020 and has stamped out many [...]
The Monzo effect: Challenger banks make life increasingly difficult for traditional high street rivals February 9, 2022 Challenger banks are outperforming traditional and established financial institutions more and more, with a growing number of Brits taking up accounts with Starling, Monzo or Triodos. According to new data shared with City A.M. this morning, the digital-only banks beat traditional institutions when it comes to customer service and mobile apps. Consumer group Which! asked [...]
The unstoppable rise of the challenger bank: Canary Wharf’s retail giants have reasons to be worried January 22, 2022 If traditional retail banks have paid any attention to the latest data from the City watchdog, they have reasons to be worried, because challenger banks are increasingly taking over traditional banking services from established financial institutions. In fact, nearly 10 per cent of all accounts are now held with a so-called digital “challenger” bank. A [...]
Millions of banking app users exposed to security flaw: HSBC, NatWest, Monzo, Santander, Starling and Virgin Money customers all affected January 12, 2022 Millions of Brits who use online banking services are exposed to some worrying fraud risks, industry experts warned today. Following an investigation by security experts 6point6, testing the online and mobile app security of 15 major current account providers on a range of criteria, including encryption and protection, login, and account management and navigation, consumer [...]
Santander lures Barclays veteran Jane Galvin away from HSBC in banking war for top talent January 10, 2022 Santander UK announced this morning the appointment of Jane Galvin as Head of Corporate Clients within its Corporate and Commercial Banking (CCB) division. Galvin, a City heavyweight who made a name for herself during three decades at Barclays, will start at the beginning of February and will report directly to CCB head Tim Hinton. She [...]
HSBC gets green light to buy out China life insurance joint venture December 30, 2021 HSBC have announced this morning that it has received regulatory approval in China to take full ownership of its life insurance joint venture in the country, as it continues to expand its non-core banking services. HSBC has got clearance from the Shanghai office of the China Banking and Insurance Regulatory Commission to buy the remaining [...]