HSBC to overhaul business model as ultra-low interest rates hit profit October 27, 2020 HSBC is planning a coronavirus-induced overhaul of its business model, seeking to shift its main source of income from interest rate to fee-based businesses. Europe’s biggest lender will also accelerate a sweeping cost-cutting programme, despite reporting better-than-expected results for the third quarter. Read more: HSBC ‘to cut 300 jobs’ in overhaul of UK commercial banking [...]
HSBC ‘to cut 300 jobs’ in overhaul of UK commercial banking October 21, 2020 HSBC has reportedly launched a restructuring of its commercial banking business in the UK that will lead to around 300 job cuts. The cuts are part of a wider strategy overhaul announced by the banking giant earlier this year as it seeks to slash costs and reinvigorate its business in the face of global economic [...]
Natwest vows to boost number of black employees in senior roles October 20, 2020 Natwest has vowed to boost the number of black staff in senior roles from one per cent to three per cent, as the British bank seeks to shake up its image as part of a new racial equality pledge. The boost would bring Natwest’s diversity in line with the black population in England and Wales, [...]
HSBC shares rebound after China’s Ping An boosts its holding September 28, 2020 HSBC shares in Hong Kong and London rose sharply on Monday after Chinese asset manager Ping An, the bank’s largest shareholder, increased its stake in the lender. In a regulatory filing late on Friday, Ping An revealed it had raised its holding in the lender from 7.95 per cent to eight per cent. HSBC’s Hong [...]
City watchdog blasts UK banks over money laundering safeguards September 24, 2020 Not all British banks are convinced of the need to invest large sums to crack down on dirty money, meaning the quality of anti-money laundering controls is falling short, the City watchdog’s chief enforcer said. Global lenders, including UK-based HSBC, Barclays and Standard Chartered, have come under increased scrutiny for their anti-money laundering (AML) efforts [...]
HSBC, Citi, Goldman and Deutsche Bank pause plans to return to office September 23, 2020 Banks have rushed to pause plans for staff to return to their UK offices following fresh government guidance on coronavirus. Deutsche Bank and Citigroup have also encouraged staff to return to work remotely amid concerns over rising Covid-19 cases. Read more: City firms begin to send workers home after new government rules The banks’ changes [...]
HSBC’s looming pensions crisis: will the bank win the battle but lose the war? September 4, 2020 A business of any reasonable size should have members of its team scanning the horizon for potential problems, like Frederick Fleet in the crow’s nest of RMS Titanic. The most dangerous crises, though, are those which fall on a company from an apparently cloudless sky: those which hit unprepared, and leave a business scrabbling for [...]
HSBC profit plummets due to coronavirus pandemic August 3, 2020 HSBC warned warned its bad debt charges could soar to $13bn this year as the bank reported a sharp drop in profit in the first half of 2020 due to the impact of the coronavirus pandemic. The figures The lender’s share price fell 4.63 per cent to 326.25p this morning as it announced that profit [...]
HSBC to invest further in China amid row over support for Hong Kong law July 3, 2020 HSBC has announced plans to make new investments in its wealth management and insurance operations in mainland China, after coming under fire for backing the controversial new security law in Hong Kong. The UK-based lender has been criticised by investors and politicians over its support for the new National Security Law in Hong Kong, which [...]
Don’t sacrifice Hong Kong for bankers’ bonuses, Raab tells HSBC July 1, 2020 Foreign secretary Dominic Raab today criticised HSBC and other British banks for supporting China’s controversial new security law in Hong Kong, saying the rights of its citizens should not be sacrificed for bankers’ bonuses. HSBC and fellow Asia-focused lender Standard Chartered have come under fire from politicians in the UK and US after the banks [...]