HSBC Swiss unit fined $192m over US tax evasion December 11, 2019 HSBC’s Swiss private banking arm will pay $192.4m (£146.7m) to resolve a US investigation into its role in helping wealthy Americans evade taxes using undeclared Swiss bank accounts. The US Department of Justice filed a charge of conspiracy to defraud the United States against HSBC Private Bank (Suisse), but agreed to drop the charges in [...]
HSBC shakes up senior management after ‘unacceptable’ third quarter December 9, 2019 HSBC has replaced its investment banking boss and group chief operating officer in a raft of changes due to take effect in 2020. Investment banking chief Samir Assaf will step down as chief executive of global banking and markets in March, after 10 years in the role. He will take a new role as chairman [...]
HSBC profit sinks as bank says performance is ‘not acceptable’ October 28, 2019 HSBC has called parts of its performance “not acceptable” as it revealed an 18 per cent drop in third quarter profit today, fuelled by weak results in its European and US divisions. The figures Profit before tax dropped 18 per cent to $4.8bn (£3.8bn) in the three months to the end of September to fall [...]
HSBC weighs down FTSE 100 as election vote looms October 28, 2019 Britain’s FTSE 100 index has opened down this morning ahead of a crucial vote in the Commons on the government’s motion to hold a general election on 12 December. The blue-chip index dropped 0.39 per cent in early trading. Opposition parties have indicated they won’t support the government in the vote, which is scheduled for [...]
HSBC’s SME loan fund to double help for international businesses September 26, 2019 HSBC is set to double the amount ringfenced for international businesses in its small and medium-sized enterprises (SME) loans fund this year, with the help available for the agriculture sector also set to rise. The bank’s 2019 SME fund will total £14bn, a £2bn increase on last year’s figure and the largest fund since the [...]
HSBC worries mount after CEO exit August 5, 2019 | City Talk By Graeme Evans from interactive investor. Ousting CEO John Flint after 18 months highlights the pressures on HSBC, despite robust H1 results today. As if the current geopolitical and monetary policy concerns were not bad enough, HSBC (LSE:HSBA) investors now have succession risk to worry about after the bank’s surprise decision to part company with John Flint only 18 months [...]
Goodbye, John Flint: Why has HSBC axed its CEO? August 5, 2019 HSBC’s results this morning were overshadowed by the bank’s decision to sack CEO John Flint after just 18 months at the helm. Just a few hours later, HSBC confirmed it is looking to cut 5,000 jobs at the bank as it chases savings. Read more: HSBC to cut nearly 5,000 in huge savings drive Flint [...]
HSBC axes nearly 5,000 jobs in bid to reduce salary costs after sacking CEO August 5, 2019 HSBC will make as many as 4,700 people redundant from its global workforce in a bid to cut long-term costs, it has announced this morning. The job cuts will involve as many as two per cent of its workers across the world, who number 237,685. Read more: Goodbye, John Flint: Why has HSBC axed its [...]
HSBC CEO John Flint steps down from bank after just 18 months August 5, 2019 HSBC boss John Flint has fallen victim to a top-level reshuffle at the bank despite racking up a 16 per cent rise in first half profits. The firm said this morning it needed a change at the helm to deal with a “challenging global environment”. Flint, who has been chief executive for around a year-and-a-half, [...]
UK banks: What to make of Lloyds, RBS and Barclays? May 29, 2019 | City Talk By Graeme Evans from interactive investor. Having underperformed since April's stock market peak, here's what to expect from the domestic lenders. With UK banks making heavy weather of Q1 results and the Brexit shackles still in place, there's a clear lack of momentum behind shares of Lloyds Banking Group (LSE:LLOY), Barclays (LSE:BARC) and The Royal [...]