HSBC’s job cuts and Asian pivot could have “negative” impact on credit rating, Fitch warns June 11, 2015 Ratings agency Fitch has warned that HSBC risks having its credit downgraded over its new strategy revealed this week. HSBC is looking to cut $5bn (£3.25bn) through a number of initiatives, including cutting around 25,000 jobs. It is also exiting Turkey and reducing its operations in Brazil, and planning to focus more energy and [...]
HSBC lays down the gauntlet to George Osborne on bank levy as it mulls exit from UK June 9, 2015 HSBC moved a step closer to leaving the UK yesterday, piling pressure on chancellor George Osborne to take action to persuade the bank to stay. Chief executive Stuart Gulliver set out details of HSBC’s review of the location of its headquarters, looking at 11 different criteria, including taxes, the government’s attitude to finance, and [...]
HSBC’s domicile just got serious – Bottom Line June 9, 2015 A month ago, HSBC’s plan to consider leaving the UK seemed to be going nowhere – it generated a lot of heat, but little light. The consensus was that the giant bank was a cry baby, throwing its toys out of the pram over taxes and charges it didn’t like. It would soon tire of [...]
HSBC’s turnaround plan and mining stocks hit FTSE 100 – London Report June 9, 2015 BRITAIN’S top shares fell yesterday as a new turnaround plan from Europe’s biggest bank, HSBC, failed to impress markets. HSBC took the most points off the blue-chip FTSE 100 index. Its shares closed down 0.9 per cent after investors and analysts questioned whether its pledge to shed almost 50,000 jobs would be enough to lift [...]
HSBC share price closes lower after revealing plans to cut 25,000 jobs – 8,000 of which are in the UK June 9, 2015 Shares in HSBC closed just short of one per cent lower, at 613.74p, after it announced plans to cut 25,000 jobs as part of a move to strip out $5bn (£3.25bn) worth of costs from Europe's biggest bank. Read more: HSBC to rebrand retail banking arm – or possibly sell it Shares had [...]
HSBC to rebrand UK retail banking arm – or possibly sell it June 9, 2015 HSBC will rebrand its UK retail banking arm as part of a move to ring-fence it from the rest of the group. Chief executive Stuart Gulliver, who this morning revealed HSBC was cutting 25,000 jobs worldwide, of which 8,000 are expected to be UK jobs, said he was not certain he would keep the [...]
HSBC job cuts: Unions slam move as punishing staff for “boardroom misconduct” June 9, 2015 Could Canary Wharf become a stage for the next major picket line? HSBC staff cuts have been blasted by unions, claiming the bank's employees are being “punished for boardroom misconduct”. This morning Europe's biggest bank revealed it was cutting up to 25,000 jobs worldwide, as it looks to make $5bn (£3.25bn) savings. Around [...]
HSBC Private Bank breaks a run of bad press June 4, 2015 HSBC has been in the headlines for all the wrong reasons lately, so imagine the sheer relief on the face of its Private bank chief, Francesco Morra, as Private Banker International (PBI) handed the bank an award for outstanding work with international clients. The PBI London Awards, dedicated mainly to the UK and European markets, [...]
Swiss prosecutor drops HSBC money laundering probe without criminal charge June 4, 2015 HSBC can start to breathe easily – at least when it comes to the money laundering claims. Swiss prosecutors have dropped their investigation into its private bank after reaching a financial settlement that carries no admission of guilt. HSBC has agreed to pay SF40m (£27.8m) to the Genevan authorities investigating alleged money laundering [...]
HSBC hires two new female non exec directors, Irene Lee and Pauline van der Meer Mohr June 2, 2015 Embattled banking giant HSBC appointed a pair of new experienced business names to its board yesterday, in a move that could bolster its governance, after a series of bruising reputational scandals. Irene Lee is an expert in Asia-Pacific finance, and has served on the boards of finance firms including ING Australia and Hang Seng Bank. [...]