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FCA implements new rules on overdrafts in shake-up of banking sector
The new rules include a ban on banks and building societies charging higher fees for unarranged overdrafts than arranged ones
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HSBC Holdings PLC
LON:HSBA
HSBC serves customers worldwide from more than 9,500 offices in 85 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. HSBC is one of the world's largest banking and financial services organisations.
614 stories · page 4 of 7
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HSBC cull continues as operations and global banking bosses replaced
The management shake-up will see Guyett and Elhedery promoted to co-heads as Assaf leaves, as CEO Noel Quinn appears to ramp up job cuts
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HSBC and Santander to repay thousands of customers after overdraft alert failures
Both banks have also been told to instigate an independent review of their compliance
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HSBC set to axe global banking chief amid wider job cuts, says report
Samir Assaf's departure may fit into a larger raft of lay-offs, after reports in October that interim chief executive Noel Quinn was planning to cut 10,000 jobs, focusing mainly on high-paid roles
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HSBC misses profit expectations; pledges to swing the axe
"We will act to rebalance our capital away from low-return businesses and adjust the cost base in line with the actions we take," said interim CEO, Noel Quinn.
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FTSE 100 closes higher on Monday as Wall Street boosts performance
IG analyst warns that the pathway to resolving the Brexit deadlock remains "far from certain"
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HSBC to give First Direct a digital makeover to tackle challenger banks
First Direct will boast new features including an in-app marketplace and artificial intelligence to automate customer processes
HSBC to cut one in twenty jobs, says report
Former chief executive John Flint stepped down in August saying that the bank needed new leadership to its face flagging fortunes
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HSBC's John Flint becomes 14th FTSE 100 boss to step down or announce departure this year
AJ Bell investment director Russ Mould said HSBC does not appear to have a habit of changing its CEO too often, making today's announcement seem "all the odder".
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HSBC boss steps down as the bank issues cautious outlook
HSBC said it plans to launch a US$1bn share buyback “shortly”
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FTSE 100 closes sharply lower as US/China trade war heats up
China lets its currency fall against the US dollar to ten-year lows in what is being seen as payback after the US announced additional tariffs
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HSBC to cap off earnings season for UK's big-four banks
The week ahead includes interim results from HSBC, Standard Life Aberdeen and William Hill along with UK economic growth data
GSK names former AstraZeneca finance boss as new chairman
Jonathan Symonds will be the man tasked with overseeing the mega merger of GSK and Pfizer’s consumer healthcare businesses
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Lloyds Banking hit by JPMorgan downgrade due to 'rising chances' of no-deal Brexit
JPMorgan analysts downgraded their rating on Lloyds to ‘neutral’ and cut the share price target
FTSE 100 dividend payments set for new record in 2019 despite recent cuts from M&S and Vodafone
AJ Bell’s Dividend Dashboard shows that payments from London’s 100 biggest companies is expected to total £91.2bn this year
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Lloyds freezes 8,000 offshore customer accounts amid regulatory clampdown on money laundering
Global banks have come under increasing pressure to meet tighter rules on financial crime
Tesco Bank and Nationwide highlight impact of competitive pressures on wider banking sector
First-quarter results from Lloyds, Barclays, Royal Bank of Scotland and HSBC all revealed a drop in net interest margins - a key profit measure for banks.
Investments and investor services
FTSE 100 closes firmly higher as Wall Street shares head north; sterling slides
The UK benchmark index closed over 56 points higher, at 7,353, aided by the fall in the pound
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Burberry and Thomas Cook in the spotlight; ex-divs to take 26 points off the FTSE 100
Numbers from Countryside Properties, National Grid, and Wincanton will also be among Thursday's highlights.
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Investor rebellions in store for Lloyds, Metro Bank and G4S meetings
Ahead of Metro Bank's AGM, American founder Vernon Hill urged investors to “meet with the directors and express your views by attending, raising questions and voting”
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UK’s top 40 companies gain momentum at start of 2019 as profits sink for the rest
Higher earnings from blue-chip firms such as Lloyds and HSBC helped send overall profits for the UK's largest firms 11% higher in the first quarter, while the rest of the corporates saw theirs tumble 18%
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HSBC profits beat market forecasts on lower costs and strong Asia performance
HSBC said it planned to make further investments in Asia to aid growth while the turnaround plan for its US business was on track but remained its “most challenging strategic priority”.
Investments and investor services
FTSE 100 closes higher after strong US jobs report boosts markets
Footsie closed up over 29 points on the day to close at 7,380, while the FTSE 250 added over 18 at 19,795
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'Cash cow' Lloyds seen climbing the bank dividend rankings
Analysts at UBS think regulatory changes this week increase Lloyds’ capacity for a special dividend payout this year by £1bn
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HSBC to post weaker first quarter earnings as it tackles China slowdown
The day ahead includes first quarter earnings from HSBC and the all-important US non-farm payrolls report
FTSE 100 closes higher after US inflation data
It comes after latest data showed that core inflation in the US was flat last month (March) while consumer spending rose
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HSBC tells shareholders to vote against resolution to change controversial pension clawback policy
HSBC confirmed that three executive board members have agreed to a reduction in their pension allowance
Investments and investor services
FTSE 100 ends in positive territory, taking the cue from the Dow and data from China
"Equities have been relentlessly positive all day, with the session having started off on the front foot thanks to Chinese credit growth, which rose 10.7% over the year to hit a sum equivalent to 9% of the country’s GDP," said Chris Beaucha
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With the Brexit can kicked on until Halloween, Friday's only excitement should by HSBC's AGM
The global bank will be able to introduce shareholders to its new group chief financial officer, Ewen Stevenson, previously chief financial officer of Royal Bank of Scotland, who started in January
Why the FTSE 100 is not the UK’s economic bellwether
While the index does contain the heavyweights of the London market, they're not the most reliable indicator of how the UK's markets are actually performing
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Retailers Tesco and ASOS to provide the main corporate excitement in coming week
Also on the retail front, WH Smith and Dunelm will issue updates as well in the Week Ahead, while on the macro front an ECB rate decision and US FOMC meeting minutes are also due
Interserve awarded £660mln in public contracts in lead up to collapse, says union
Mitie has reportedly approached Interserve's administrators to express interest in buying the outsourcer's support services arm for between £100mln and £150mln
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RBS teams up with Visa, Mastercard and Gemalto to trial biometric bank card
The biometric card RBS is developing would mean customers would not need to use a pin code to verify transactions over the £30 limit currently set on contactless payments
OneSavings Bank and Charter Court Financial Services confirm £1.6bn merger talks
OneSavingsBank and Charter Court Financial Services said a merger would create a specialised mortgage lender with greater scale and resources to take advantage of growth opportunities
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Standard Chartered to wrap up recent flurry of big bank results with charge-blurred numbers
Aside from the 2018 results from the emerging markets-focused bank, FTSE 100-listed housebuilder Persimmon and speciality chemicals blue chip Croda International will also report numbers
FTSE 100 closes higher as markets more optimistic on US, China trade
BIg banking group Lloyds was among the top gainers on Footsie
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HSBC weak as 2018 results miss forecasts following a drop in fourth-quarter profit
The FTSE 100-listed lender posted a reported pre-tax profit of US$19.9bn for 2018, up 15.9% from US$17.2bn a year earlier but below the consensus estimate of US$22bn
Investments and investor services
FTSE 100 closes in red as lack of positive news puts traders off
The UK's blue chip benchmark closed down around 40 points at 7,179, while FTSE 250 shed around 58 at 19,068
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HSBC to continue bank’s reporting season, with investors looking for reassurance over US/China trade spat
Aside from HSBC's 2018 results, the day ahead will also bring updates from blue-chip Holiday Inn owner InterContinental Hotels and miner BHP, plus the latest UK jobs and wages data
Investments and investor services
FTSE 100 closes in red amid lower volumes but Reckitt Benckiser jumps
Footsie closed down around 17 points at 7,219 but FTSE 250 added over 140 at 19,127
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Banking results to flow faster, with Barclays, Lloyds, and HSBC all set to report 2018 numbers
Aside from the banking results, the week ahead will bring updates from other blue-chips firms such as BAE Systems, Anglo American, Pearson, and Reckitt Benckiser
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Deutsche Bank downgrades HSBC to 'sell', prefers Barclays, RBS and Lloyds
Deutsche Bank’s top picks in order of preference are Barclays, RBS and Lloyds
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Lloyds, RBS and Barclays hung up on Brexit dilemma
If the markets are right, Britain’s big four banks are in for a rough ride in 2019
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RBS on course for female-led board after confirming Katie Murray as finance chief
Katie Murray has been finance chief on an interim basis since September when Ewen Stevenson left to join HSBC
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Lloyds, Barclays, RBS and other banks avoid cap on overdraft fees in FCA's new rules
Lloyds, RBS, Natwest and HSBC already made changes to their overdraft fees last year ahead of the FCA's high-cost credit review
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Lloyds, RBS, Barclays and other UK banks pass tough 2018 stress test ahead of Brexit
In the 2018 scenario, UK GDP falls by 4.7%, the UK unemployment rate rises to 9.5%, UK residential property prices fall by 33% and UK commercial real estate prices fall by 40%
FTSE 100 closes lower after another day of unease on Brexit and trade
The UK's premier blue-chip index closed down around 12 points at 7,004
Marcus by Goldman Sachs signs up 100K UK customers since September launch
“We must be one of the fastest growing banks in the UK right now," according to Des McDaid, managing director of Marcus.
FTSE 100 can't hold onto gains and closes in red as Wall Street shares drag
The FTSE 250 fared much better though, adding almost 154 points on the day to close at 19,325
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HSBC, Lloyds, RBS and Barclays tighten lending standards ahead of Brexit
Consumers are relatively cautious in their borrowing while lenders have become warier about advancing unsecured credit, according to EY Item Club's Howard Archer
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HSBC quarterly profits boosted by tighter cost control and China expansion
“We are doing what we said we would - delivering growth from areas of strength, and investing in the business while keeping a strong grip on costs,” HSBC boss John Flint said
FTSE 100 closes with strong gains but Budget provides little impetus for enthusiasm
The FTSE 100 closed strongly as it joined a global rebound off last weeks volatility, however the latest Budget did little to help matters along
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UK Budget, BoE, US jobs data to sandwich flood of corporate updates from likes of BP and Shell
Aside from the oil majors, the slew of blue-chip updates due in the coming week will include global banks HSBC and Standard Chartered, and drugs firms GlaxoSmithKlne and Shire
FTSE 100 closes at session peak after strong rebound in tandem with US stocks
At the close, the UK blue chip index was 41.12 points higher at 7,004.10, the session peak, and well above the early low of 6,995.99
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HSBC shares vulnerable to US-China trade war, says RBC as it downgrades the stock
RBC downgraded HSBC to an ‘underperform’ rating from ‘sector perform’ and lowered its target price to 730p from 560p.
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TSB saw over 20,000 customers ditch bank in second quarter in wake of IT meltdown, according to BACS data
As many as 1.9mln TSB customers were left unable to access their own money in April, after the bank tried to introduce a new computer system, resulting in an enquiry from the City regulator and the resignation of the bank's chief executive
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Shares in FTSE 100 banks including Lloyds, RBS and Barclays remain under pressure
“RBS has been the best of a bad lot, with Standard Chartered, perhaps weighed down by concerns over its emerging markets, the worst of the FTSE 100’s Big Five, in share price terms,” said AJ Bell investment director Russ Mould
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UBS prefers Barclays, Lloyds and RBS despite worries about Brexit uncertainty
UBS said Barclays is its top pick of European banks
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HSBC to turn to ex-JP Morgan luminary to calm the waters in its investment banking arm
Despite its size, HSBC has traditionally found it difficult to make its size count in investment banking
Unilever becomes Unistayer but other blue-chip companies may quit the UK
As the Clash sang: should I stay or should I go? Any number of mining companies, big pharma, Diageo, Ferguson, Aggreko and Ashtead could all make the jump but three companies in the financial sector look the most likely to up sticks.
Investments and investor services
FTSE 100 closes down nearly 2% as the big sell-off continues
The UK blue-chip benchmark finished down nearly 139 points lower at 7,006 - not far from the 7,000 mark
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HSBC to pay US$765mln settlement over sale of toxic mortgage-backed securities
HSBC has become the latest major bank to settle over the mis-selling of residential mortgage-backed securities, following penalties paid by RBS and Barclays
Aeris Resources has a new substantial shareholder in HSBC Holdings
The London-listed company has increased its interest to 6.36% after acquiring shares valued at more than $2.755 million.
FTSE 100 closes lower but up on the week as Italy rattles European markets
FTSE 100 closed the day 35 points lower as the situation in Italy rattled markets
Goldman Sachs' new UK online retail bank challenges Lloyds, RBS, Barclays and HSBC
Goldman’s online retail bank, named Marcus after the group’s founder, is offering an interest rate on savings of 1.5%
Goldman Sachs to launch online retail bank in the UK in coming weeks
The bank will be open to the Wall Street giant’s UK employees before its official launch
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FTSE 100 closes firmly higher as investors fret less on China/US relations
The UK blue-chip benchmark closed up over 58 points at 7,556, while its mid-cap cousin FTSE 250 added almost 142 points
Investments and investor services
Lloyds and HSBC go ex-div, but has the BBQ summer saved Kingfisher’s first half?
Investors in the B&Q owner will be hoping for a BBQ boost sufficient to offset the springtime freeze.
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Lloyds, RBS and HSBC among worst performers in customer survey, CMA reveals
RBS came joint last with Clydesdale Bank while Lloyds was ranked the same as TSB, which was hit by an IT crisis in April
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HSBC facing downside risks, says UBS as it maintains 'neutral' rating
UBS prefers domestic banks over Asia-focused HSBC due to downside risks, including income and cost headwinds
GlaxoSmithKline appoints HSBC bean counter on pay, perks package worth up to £3.4mln
Iain Mackay joins the international drugs giant next January
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Brexit and global trade war put dividend hikes at risk for Lloyds, RBS, Barclays and HSBC
Lloyds and HSBC have come out on top in dividend payouts with a projected 2018 yield of 5.4% for the two lenders
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HSBC's first-half profits beat expectations as investment strategy pays off
“We are taking firm steps to deliver the strategy we outlined in June,” said HSBC chief executive John Flint
Investments and investor services
FTSE 100 closes higher, supported by gains in oil giants as crude prices rise
At the close, the UK blue chip index was 4.68 points higher at 7,663.78, just below the session peak of 7,681.86, having recovered from a low of 7,636.60
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HSBC will ring down the curtain on the bank's interim reporting season, but other financials also in focus
Aside from HSBC's numbers, Prudential, L&G, Standard Life Aberdeen, and Hargreaves Lansdown are all on the results docket in the coming week
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Lloyds loses UK mortgage market share but remains biggest lender, UK Finance reveals
RBS overtook Barclays to become the fourth largest lender of mortgages while HSBC also grew its market share
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HSBC completes separation of retail bank to meet ring-fencing rules
HSBC finished setting up its ring-fenced bank six months ahead of the legal deadline
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HSBC says outgoing RBS finance chief, Ewen Stevenson to become its group finance director
Stevenson, whose departure from RBS was announced on May 30, will succeed Ian Mackay, who is retiring as HSBC's group finance director
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Virgin Money and CYBG merger could face IT meltdown like TSB, analysts warn
Analysts fear Virgin Money and CYBG could experience an IT crash like TSB in integrating its computer systems
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HSBC plans to invest between US$15bn-US$17bn in technology as it gets back into "growth mode”
In a strategy update, the FTSE 100-listed lender’s chief executive John Flint said: “The existing strategy is working and provides a strong platform for future profitable growth”
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Royal Bank of Scotland in the spotlight on Wednesday as possible dividend return eyed
The state-owned lender is reportedly considering asking for permission to restart dividends after making progress in resolving legacy issues and returning to an annual profit
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Quiet week seen following UK bank holiday, with any dividend news from RBS's AGM the main interest
Week Ahead also includes full-year results from platinum refiner Johnson Matthey PLC, transport operator Firstgroup PLC, and discount retailer B&M European Value Retail SA
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Morgan Stanley ups target price, estimates for HSBC, thinks narrative to shift to "business as usual"
The US investment bank's analysts said the price target hike to 950p from 800p reflects increases to its pre-tax profits forecasts of around 3% for 2019-2020
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RBS set to move closer to privatisation after Saudi Arabian bank merger
HSBC affiliate Saudi British Bank has offered to buy RBS-backed Alawwal Bank in a US$5bn stock deal
Investments and investor services
FTSE 100 clocks off at new closing high
FTSE 100 closed at a new all time high on Thursday, up 0.70% to 7,787
Investments and investor services
Royal Mail in the spotlight, but will Thomas Cook deliver more growth?
As Moya Greene's last set of Royal Mail results are released analysts expect the attention will be on guidance for 2019.
Morgan Stanley upgrades UK equities to ‘overweight’ despite Brexit uncertainty
Equities should benefit from higher commodity prices and rising corporate activity, Morgan Stanley said.
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HSBC weak after surprise drop in first-quarter profit due to higher operating expenses
The global bank’s pre-tax profit fell by 4% to US$4.76bn, down from US$4.96bn a year earlier, below the US$5.76bn consensus estimate compiled by the firm
Investments and investor services
FTSE 100 strengthens following wishy-washy US jobs data
It's the first Friday of the month, so naturally much of the attention was on the US non-farm payroll report.
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HSBC to wrap up a busy two weeks of first quarter results from the major UK banks
Day-ahead includes first quarter updates from global lender HSBC PLC and British Airways-owner International Airlines Group PLC, plus the April US payrolls report
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Asia to drive quarterly earnings growth at HSBC and Standard Chartered
Another busy week of earnings from FTSE 350 companies awaits
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HSBC to maintain dividend for 'foreseeable future', says new CEO
HSBC said it would also consider share buybacks after the provision of capital to support the growth of the business and maintaining the dividend
FTSE 100 puts in late spurt to close comfortably higher
Shire shares propped up the rest of the Footsie leader-board despite Takeda unveiling an improved offer for the drugs maker
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Strong cold and flu season to boost Reckitt Benckiser sales in first quarter
Reckitt Benckiser will report organic sales growth of 2.8% in the first quarter, UBS estimates
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HSBC reportedly to combine UK and Switzerland private banking units into single entity
The Financial Times said Chris Allen, who runs HSBC's private bank in the UK, Channel Islands, France and Germany will become the head of private banking for Europe, the Middle East and Africa
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High street issues to the fore as Debenhams, JD Sports, and Primark owner AB Foods provide updates
Week Ahead includes trading statements from Primark owner Associated British Foods, Debenhams, and JD Sports, plus Q1 numbers from Unilever, Reckitt Benckiser and Rentokil Initial
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Deutsche Bank trims targets for Lloyds, RBS, HSBC in preview of upcoming first-quarter results
The German’s bank’s analysts said they expect margin pressures will remain the main area of focus for the UK domestic lenders, amidst clear signs of competitive pressure on mortgage pricing
FTSE 100 closes positively, just, but miners weigh
The blue-chip benchmark closed up around three points at 7,034, with the big cap miners lagging
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HSBC agrees to pay US$100mln to settle US lawsuit over Libor rigging claims
HSBC has become the fourth major bank to settle with over-the-counter investors over Libor manipulation claims
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Standard Chartered to take the bow for banking results, as Persimmon starts for the housebuilders
Day ahead includes a welter of blue chip results from the likes of Standard Chartered PLC, Persimmon PLC, Direct Line Group, and GKN PLC