HSBC Asia chief backs new Chinese security law for Hong Kong June 3, 2020 HSBC’s chief executive in Asia has signed a petition backing China’s imposition of a new national security law on semi-autonomous Hong Kong. The bank today confirmed that chief Peter Wong had signed the petition, and also said on social media that it “respects and supports all laws that stabilise Hong Kong’s social order”. The declaration [...]
HSBC first quarter profit halves on coronavirus pandemic April 28, 2020 HSBC saw coronavirus rip its first quarter profit in half today as it counted a huge $2.4bn jump in credit losses as a result of the pandemic. The bank’s share price declined 1.7 per cent to 409.3p in early trading as it revealed profit before tax sank 48 per cent year on year to $3.21bn. [...]
British bank bosses give up bonuses amid coronavirus crisis April 8, 2020 Top bosses at British banks including Natwest and Lloyds have taken salary cuts and ditched bonuses worth millions of pounds as consumers and businesses suffer the impact of the coronavirus outbreak. Natwest chief executive Alison Rose will donate a quarter of her remaining salary for 2020 — set at £2.2m per year — to a [...]
Noel Quinn made HSBC chief executive on permanent basis March 17, 2020 Banking giant HSBC has confirmed that interim chief executive Noel Quinn will take up the post permanently with immediate effect, bringing to an end a six-month external search. In August last year chairman Mark Tucker ousted chief executive John Flint over an alleged argument about how fast the bank should have been hitting its targets. [...]
HSBC evacuates over 100 from Canary Wharf HQ after employee contracts coronavirus March 5, 2020 HSBC has evacuated more than 100 staff from one floor of its Canary Wharf headquarters after one of its research analysts contracted coronavirus. City A.M. understands that an analyst in the bank’s research department tested positive for Covid-19 late last night, and informed the bank of his diagnosis this morning. Read more: City of London [...]
Unicredit’s Mustier rules himself out of running for HSBC role February 24, 2020 Unicredit chief executive Jean Pierre Mustier has ruled himself out of the running to be the next boss of HSBC, as the hunt to find a leader for Europe’s largest lender enters its seventh month. Italy’s biggest bank said this morning that Mustier had confirmed he would remain in role, following reports last night [...]
Unicredit boss Mustier ‘a main contender’ to become HSBC chief February 21, 2020 Unicredit Spa boss Jean-Pierre Mustier is a leading contender to become HSBC’s new chief executive officer. Mustier has been credited with turning around the biggest bank in Italy over the past four years and is now one of the main external candidates being considered by HSBC, according to Bloomberg. He has been in discussion with [...]
HSBC courts the globally mobile with new $1.4 trillion wealth business February 20, 2020 Banking giant HSBC plans to invest heavily in its newly merged retail and private banking businesses, the unit’s chief executive has said, targeting internationally minded customers in markets including China and the US. Charlie Nunn, a former McKinsey consultant, took control of the new division, which has $1.4 trillion (£1.1 trillion) of client assets, following [...]
Five things you need to know about HSBC’s radical overhaul strategy February 18, 2020 Banking giant HSBC today launched one of the most radical strategic overhauls by a blue-chip lender in the past decade in a bid to revitalise its stuttering operations. HSBC is seeking to slash annual costs by $4.5bn and shed $100bn of assets by 2022 in a bid to keep pace with leaner and more focused [...]
HSBC: Profit plunges as bank plans 35,000 job cuts February 18, 2020 HSBC has outlined plans to offload $100bn (£77bn) of assets and dramatically downsize its investment banking arm in a restructure that will cost 35,000 jobs over the next three years. Profit before tax tumbled by a third to $13.6bn in 2019, HSBC said as it revealed its most radical overhaul since the financial crisis in [...]