HSBC reportedly set to cut around 100 jobs in equities business January 17, 2020 HSBC is reportedly cutting around 100 roles in its equities business, with the bulk of the layoffs expected to fall on continental European trading floors. The cuts will be across the bank’s equities research, sales, trading, and back office businesses, Reuters reported, citing sources familiar with the matter. The lender is planning to refocus its [...]
HSBC and First Direct IT glitches leave customers unable to access online and mobile banking December 20, 2019 HSBC and First Direct have resolved issues causing intermittent problems for customers accessing online and mobile banking over the past 24 hours. Customers were unable to access their online or app banking from around 7:40pm last night and then again throughout today despite claims the issues had been resolved in the early hours of the [...]
FCA overdraft rules: What they mean and which banks have hiked fees December 18, 2019 Millions of people may see changes to their available bank balances today as new overdraft rules from the financial watchdog covering how overdrafts are displayed come into effect. The Financial Conduct Authority (FCA) has ordered UK banks to stop including overdrafts in funds marked as “available” to customers, in a move designed to make it [...]
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 [...]