Investors to push HSBC to pull out of fossil fuel investments January 10, 2021 A group of investors is reportedly urging banking giant HSBC to reduce its financing of fossil fuels such as coal. According to the Sunday Times, the coalition, which includes European fund manager Amundi and London-listed hedge fund Man Group, is aiming to table a resolution on the issue at April’s AGM. The campaign is being [...]
Editorial: Those who profit in Hong Kong must speak up in its defence November 11, 2020 US President Franklin Delano Roosevelt’s four freedoms, which he promised Americans in the face of economic strife and growing authoritarianism abroad, are freedoms that this newspaper is more than happy to sign up for. Freedom of speech, freedom of worship, freedom from want, and freedom from fear? Well, they work for us. In London – [...]
Barclays fossil fuel financing increases despite ‘net zero’ pledge November 11, 2020 Barclays has increased its financing of fossil fuel firms despite setting a ‘net zero’ goal for itself earlier this year following investor pressure, according to a new report. The bank, which is Europe’s largest fossil fuel financer, provided $24.58bn (£18.55bn) in underwriting and lending to major fossil fuel companies between January and September this year. [...]
FTSE 100 falls and US stocks mixed as coronavirus cases rise October 27, 2020 The FTSE 100 fell in afternoon trading after a choppy morning session, while US stocks were mixed amid rising coronavirus cases and some worrying economic data. London’s main stock index was last down 0.8 per cent at 5,745 points, having also fallen yesterday. Read more:HSBC to overhaul business model and accelerate plan to slash costs [...]
HSBC to overhaul business model as ultra-low interest rates hit profit October 27, 2020 HSBC is planning a coronavirus-induced overhaul of its business model, seeking to shift its main source of income from interest rate to fee-based businesses. Europe’s biggest lender will also accelerate a sweeping cost-cutting programme, despite reporting better-than-expected results for the third quarter. Read more: HSBC ‘to cut 300 jobs’ in overhaul of UK commercial banking [...]
HSBC ‘to cut 300 jobs’ in overhaul of UK commercial banking October 21, 2020 HSBC has reportedly launched a restructuring of its commercial banking business in the UK that will lead to around 300 job cuts. The cuts are part of a wider strategy overhaul announced by the banking giant earlier this year as it seeks to slash costs and reinvigorate its business in the face of global economic [...]
Natwest vows to boost number of black employees in senior roles October 20, 2020 Natwest has vowed to boost the number of black staff in senior roles from one per cent to three per cent, as the British bank seeks to shake up its image as part of a new racial equality pledge. The boost would bring Natwest’s diversity in line with the black population in England and Wales, [...]
HSBC shares rebound after China’s Ping An boosts its holding September 28, 2020 HSBC shares in Hong Kong and London rose sharply on Monday after Chinese asset manager Ping An, the bank’s largest shareholder, increased its stake in the lender. In a regulatory filing late on Friday, Ping An revealed it had raised its holding in the lender from 7.95 per cent to eight per cent. HSBC’s Hong [...]
City watchdog blasts UK banks over money laundering safeguards September 24, 2020 Not all British banks are convinced of the need to invest large sums to crack down on dirty money, meaning the quality of anti-money laundering controls is falling short, the City watchdog’s chief enforcer said. Global lenders, including UK-based HSBC, Barclays and Standard Chartered, have come under increased scrutiny for their anti-money laundering (AML) efforts [...]
HSBC, Citi, Goldman and Deutsche Bank pause plans to return to office September 23, 2020 Banks have rushed to pause plans for staff to return to their UK offices following fresh government guidance on coronavirus. Deutsche Bank and Citigroup have also encouraged staff to return to work remotely amid concerns over rising Covid-19 cases. Read more: City firms begin to send workers home after new government rules The banks’ changes [...]