FCA will ‘keep its eyes’ on banks’ Q1 results for evidence of savings rate profiteering April 20, 2023 Savers are facing a rising “loyalty penalty” from high street banks, the Financial Conduct Authority (FCA) has warned. Customers banking with the UK’s big name lenders are likely to earn less competitive interest rates on their savings over time, while new savers are given more attractive offers, the City watchdog told MPs today. “Harm” from [...]
HSBC exaggerating costs of spinning off Asia unit, Ping An argues in rare rebuke April 18, 2023 Ping An, HSBC’s largest shareholder, has publicly criticised the bank ahead of its AGM as it confirmed it will back calls to restructure the lender. The Chinese insurer, which holds an eight per cent stake in the bank, has long argued in favour of spinning off HSBC’s Asian business, which generates the vast majority of [...]
Ping An to vote for HSBC break-up at upcoming AGM – reports April 17, 2023 Ping An has thrown its weight behind proposals from investor Ken Lui to break up HSBC ahead of the bank’s Annual General Meeting (AGM) in early May, according to Reuters. The Chinese insurer will vote in favour of resolutions calling for the bank to lift its dividends and for it to provide regular updates on [...]
HSBC’s exit from French retail market set to face delays as ‘unexpected interest rate rises’ force Cerberus to find more cash April 14, 2023 HSBC’s exit from the French retail market has been thrown into doubt after Cerberus Capital said it will need to stump up more cash to fund the transaction as a result of rising interest rates. In a statement today, HSBC said “unexpected interest rate rises” have forced Cerberus to significantly increase the amount of capital [...]
HSBC hires former SVB bankers to lead push into US ‘innovation economy’ April 12, 2023 HSBC has hired over 40 bankers who used to work at Silicon Valley Bank (SVB) as it establishes a new banking division focused on the “innovation economy” in the US. The new unit will sit in the bank’s commercial banking division and will focus on serving companies in technology and healthcare sectors. Many banks are [...]
HSBC versus Asian shareholders: Bank’s chiefs warn Hong Kong investors against ‘risky’ break-up April 3, 2023 HSBC’s top brass hit back at shareholder proposals to spin off the bank’s Asian business and pay fixed dividends, as it sought to quieten shareholders’ discontent about the bank’s business model. At a meeting of investors in Hong Kong, Reuters reported that HSBC chair Mark Tucker warned a restructuring or spin-off of HSBC’s Asia business [...]
The must-have accessory for global finance chief execs? A first class flight to Beijing April 3, 2023 A flurry of top financial executives have visited China for the first time since the COVID-19 pandemic as global financial giants seek to cement their relations with Beijing at the start of President Xi Jinping’s new term. Goldman Sachs CEO David Solomon, HSBC CEO Noel Quinn and Standard Chartered boss Bill Winters are among the [...]
FTSE 100 close: Barclays charge runs out of steam as Deutsche Bank swings to losses March 28, 2023 London’s FTSE 100 was pulled higher by banks clawing back losses yet again today, with Barclays and Standard Chartered initially leading the charge before running out of steam heading into the close. The capital’s premier index jumped 0.17 per cent to 7,484.26 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with [...]
HSBC, SocGen and BNP Paribas raided in France as part of ‘cum cum’ tax probe March 28, 2023 French authorities today raided the Paris offices of five major banks – including HSBC, BNP Paribas, and Société Générale – in relation to an ongoing fraud and money laundering investigation. In a statement, France’s national fraud prosecutor said the raids relate to a preliminary investigation into so-called ‘cum cum’ schemes, which was opened in December [...]
FTSE 100 close: Deutsche Bank surges while Barclays and HSBC yank London index higher March 27, 2023 London’s FTSE 100 kicked off the week in upbeat style, yanked higher by UK banking giants Barclays and Lloyds racking up gains. The capital’s premier index jumped 0.9 per cent to 7,471.78 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, climbed 0.19 per cent [...]