Ex-HSBC boss Lord Green faces grilling from House of Lords July 13, 2015 The elusive Lord Green will finally face a grilling today on high-profile scandals that occurred during his tenure at the helm of HSBC. Green – who headed up the bank between 2006 and 2010 – is up in front of the House of Lords Economic Affairs Committee, where he will be quizzed on allegations that [...]
HSBC cleans up at Standard Chartered Great City Race despite Tube strike grumbles July 9, 2015 Bankers braved the heat in Old Street yesterday competing in the annual Standard Chartered Great City Race, raising funds for sight charity Seeing is Believing. Just under 5,000 runners from 350 City firms took part in the 5km run around the Square Mile. Not content with winning at Wednesday’s Corporate Challenge with JP Morgan, HSBC’s [...]
Summer Budget 2015: Barclays, HSBC, RBS share prices rise as Osborne reveals levy will be ditched July 8, 2015 Banks share prices lifted this afternoon as George Obsorne confirmed the levy would be phased out over the next six years. In a move widely seen as looking to sway HSBC, Standard Chartered et al from leaving the UK, Osborne's first all-Tory Budget confirmed that the levy would be cut gradually until 2022. Instead [...]
HSBC fires Birmingham staff after filming video of mock-Islamic State execution July 7, 2015 HSBC has sacked several employees who made a video in which they pretended to be Islamic State militants beheading a hostage. The video, which was posted online, shows one man dressed in an orange jumpsuit surrounded by five other men dressed in black, one of whom was holding a fake knife. One man is [...]
The Banker’s top 1,000 world banks 2015: UK lenders slide down rankings as Chinese institutions move up June 29, 2015 UK banks continue to lose their global position as Chinese banks power ahead, according to The Banker’s latest ranking of the Top 1,000 banks. HSBC fell from fifth place to ninth, Barclays from 12th to 13th and Royal Bank of Scotland from 15th to 18th as they restructured and slimmed down in the wake [...]
New FCA and PRA bonus clawback rules: The UK now has the toughest bank pay rules in the world June 23, 2015 New rules to claw back bankers’ bonuses for up to 10 years threaten to undermine London’s appeal to international financiers, consultants warned yesterday, in the latest salvo against big banks from UK regulators. Read more: Bank bonus clawback extended to 10 years by UK regulators The clawback rules comes amid growing tensions between [...]
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 [...]