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 [...]
Election jitters, HSBC and US losses hit FTSE – London Report May 5, 2015 BRITAIN’S top share index closed lower yesterday, tracking sharp losses in the US market, with HSBC leading the banking sector lower, after saying that a bank levy was hampering its ability to pay a higher dividend. A survey showing growth in the construction industry slowed sharply in April, while uncertainty about the outcome of tomorrow’s [...]
HSBC profits rise as investment banking rebounds May 5, 2015 The figures Britain's biggest bank beat analyst expectations this morning, posting profit before tax of $7bn (£4.6bn) for the first three months of 2015, up from $6.8bn (£4.5bn) a year earlier. Reported revenue came in at $15.9bn (£10.5bn) for the first quarter of 2015, broadly unchanged from the same time last year. It added that reported operating expenses [...]
HSBC looking for greener pastures should not surprise April 29, 2015 The sandwiches and coffee were standard fare at HSBC’s annual meeting. But it took mere minutes for political red herrings to be added to the menu. Take the bank’s confirmation it is reviewing its headquarters’ location. Labour’s attempt to blame HSBC’s action on a Conservative-inspired EU referendum was misguided, but inevitable. Douglas [...]
Bank of America analysts back HSBC’s possible move out of UK April 27, 2015 HSBC’s bosses are right to look at quitting the UK, a Bank of America Merrill Lynch analyst said yesterday. The high tax charge from the bank levy is a key factor, as is the cost of splitting the UK retail bank away from the rest of the business under the new ring fence rules. The [...]