Top 100 firms double in value to $16.2 trillion: Apple heads list as HSBC named UK’s most valuable company June 1, 2015 The world’s biggest 100 firms now have a combined value of more than $16 trillion (£10.7 trillion), almost double their market capitalisation in 2009, a PwC study reveals today. Technology firms have driven the boom in valuations – just 12 firms in the sector have a combined valuation of $2.8 trillion. Six years ago, the [...]
HSBC expected to unveil thousands of job cuts June 1, 2015 HSBC is expected to unveil thousands more job cuts as the lender attempts to improve profitability. Chief executive Stuart Gulliver is thought to be planning to reveal plans to slash as many as 20,000 jobs at an investor presentation next week, Sky News reported. The scandal-hit bank has been under pressure from shareholders in recent months. [...]
Fifa crisis: UK banks HSBC, Barclays, and Standard Chartered get drawn into corruption scandal June 1, 2015 Three of Britain’s leading banks are conducting investigations into whether they cleared payments related to the ongoing Fifa corruption scandal. HSBC, Barclays, and Standard Chartered are all understood to have launched internal probes, after the FBI arrested current former Fifa executives and associates. Barclays and HSBC yesterday declined to comment. Standard Chartered said [...]
Fifa crisis: Barclays, HSBC and Standard Chartered to launch internal review following FBI investigation May 31, 2015 Barclays, HSBC and Standard Chartered are all believed to have launched internal investigations into their role in the Fifa corruption scandal that has engulfed world football this week. The British banks were all named in the US Department of Justice's (DOJ) lawsuit against 14 people – including nine Fifa officials – for racketeering, wire fraud and [...]
The banks which pay the biggest bonuses: Goldman Sachs, Morgan Stanley, Bank of America, JP Morgan and Citi May 27, 2015 US banks are paying their London staff a higher bonus on average than their UK counterparts. Goldman Sachs, Morgan Stanley, Bank of America, JP Morgan and Citi took the top five spots of a new survey by salary benchmarking website Emolument, while British-based banks HSBC and Barclays came eighth and 11th respectively. While there's no official data on banker [...]
EU residents to be banned from having undeclared income in Swiss banks May 27, 2015 The EU and Switzerland have signed a deal to stop EU residents holding undeclared income in Swiss bank accounts. The transparency agreement will be introduced at the start of 2018, and from then on Switzerland and the EU will share information relating to the bank accounts of their respective citizens. This includes names, addresses, [...]
HSBC to charge banks for euro deposits in response to low interest rates May 19, 2015 HSBC will soon be charging other banks that keep deposits with them, in response to the low-interest rate environment. Deposits of euros, Swiss Francs, Danish crowns and Swedish krona will be charged by Europe’s largest bank from August. But it will only affect banks, not other businesses or individuals. “HSBC charges banks for deposits they [...]
Bank of England’s Andrew Bailey says HSBC right to eye move abroad May 15, 2015 A Bank of England official has said that HSBC, the country's biggest bank, is right to eye a move abroad. "We will obviously be in close contact with them because there are important issues for us," Andrew Bailey, chief executive of the Bank of England's prudential regulation authority, said. "It is entirely natural that as [...]
HSBC creates £8bn UK small business fund May 11, 2015 HSBC has set aside £8bn to lend to small and medium-sized businesses in the UK. The bank's small and medium-sized enterprises (SME) loan offering will reach 43 areas of the country, with Scotland, Birmingham and Manchester, receiving at least £400m each. Fees on qualifying business loans worth between £1,000 and £300,000 will be waived or [...]
HSBC boss Stuart Gulliver warns George Osborne or Ed Balls tax hikes could drive bank from UK May 5, 2015 HSBC’S chief executive warned yesterday that the Conservative and Labour parties both risk driving the bank out of the country with tax hikes. The giant lender is looking at moving its headquarters out of the UK after more than 20 years in London, as its global business may be harmed by regulation and taxes. George [...]