HSBC to cut 35,000 jobs as bank resumes redundancy plan June 17, 2020 HSBC is resuming a massive redundancy plan that had been put on pause after the outbreak of coronavirus, with 35,000 jobs set to be cut. The job cuts will be made over the medium term, while the lender will also freeze almost all external recruitment, said chief executive Noel Quinn in a memo sent to [...]
Mike Pompeo slams HSBC for ‘corporate kowtow’ to China June 10, 2020 US secretary of state Mike Pompeo has criticised HSBC for backing China’s moves to limit Hong Kong’s autonomy, accusing the British bank of a “corporate kowtow” to Beijing. Pompeo said the US stood ready to help Britain with alternatives after Beijing reportedly threatened to punish HSBC and break commitments to build nuclear power plants in [...]
HSBC Asia chief backs new Chinese security law for Hong Kong June 3, 2020 HSBC’s chief executive in Asia has signed a petition backing China’s imposition of a new national security law on semi-autonomous Hong Kong. The bank today confirmed that chief Peter Wong had signed the petition, and also said on social media that it “respects and supports all laws that stabilise Hong Kong’s social order”. The declaration [...]
HSBC first quarter profit halves on coronavirus pandemic April 28, 2020 HSBC saw coronavirus rip its first quarter profit in half today as it counted a huge $2.4bn jump in credit losses as a result of the pandemic. The bank’s share price declined 1.7 per cent to 409.3p in early trading as it revealed profit before tax sank 48 per cent year on year to $3.21bn. [...]
British bank bosses give up bonuses amid coronavirus crisis April 8, 2020 Top bosses at British banks including Natwest and Lloyds have taken salary cuts and ditched bonuses worth millions of pounds as consumers and businesses suffer the impact of the coronavirus outbreak. Natwest chief executive Alison Rose will donate a quarter of her remaining salary for 2020 — set at £2.2m per year — to a [...]
Noel Quinn made HSBC chief executive on permanent basis March 17, 2020 Banking giant HSBC has confirmed that interim chief executive Noel Quinn will take up the post permanently with immediate effect, bringing to an end a six-month external search. In August last year chairman Mark Tucker ousted chief executive John Flint over an alleged argument about how fast the bank should have been hitting its targets. [...]
HSBC evacuates over 100 from Canary Wharf HQ after employee contracts coronavirus March 5, 2020 HSBC has evacuated more than 100 staff from one floor of its Canary Wharf headquarters after one of its research analysts contracted coronavirus. Morning Wire understands that an analyst in the bank’s research department tested positive for Covid-19 late last night, and informed the bank of his diagnosis this morning. Read more: Canada [...]
Unicredit’s Mustier rules himself out of running for HSBC role February 24, 2020 Unicredit chief executive Jean Pierre Mustier has ruled himself out of the running to be the next boss of HSBC, as the hunt to find a leader for Europe’s largest lender enters its seventh month. Italy’s biggest bank said this morning that Mustier had confirmed he would remain in role, following reports last night [...]
Unicredit boss Mustier ‘a main contender’ to become HSBC chief February 21, 2020 Unicredit Spa boss Jean-Pierre Mustier is a leading contender to become HSBC’s new chief executive officer. Mustier has been credited with turning around the biggest bank in Italy over the past four years and is now one of the main external candidates being considered by HSBC, according to Bloomberg. He has been in discussion with [...]
HSBC courts the globally mobile with new $1.4 trillion wealth business February 20, 2020 Banking giant HSBC plans to invest heavily in its newly merged retail and private banking businesses, the unit’s chief executive has said, targeting internationally minded customers in markets including China and the US. Charlie Nunn, a former McKinsey consultant, took control of the new division, which has $1.4 trillion (£1.1 trillion) of client assets, following [...]