HSBC Holdings

HSBC said to be slashing up to 10,000 more jobs: reports

(Oct 7): HSBC Holdings is embarking on a cost-cutting drive that threatens as many as 10,000 jobs, the Financial Times reported, citing two people briefed on the matter.

The bank, one of several European lenders eliminating roles, is questioning why it has so many people in Europe when it has double-digit returns in parts of Asia, one of the people told the paper.

The job cuts – on top of the 4,700 redundancies announced earlier – could be announced when HSBC reports its third-quarter results later this month, according to the FT.

Singapore bans former HSBC, UOB bankers on fraud, dishonesty

SINGAPORE (April 11): Singapore has meted out lengthy bans to convicted former HSBC Holdings Plc and United Overseas Bank Ltd. bankers for fraud and dishonest conduct.

Emeline Tang, a former HSBC employee, was banned from providing any capital markets and financial advisory services for 20 years, the Monetary Authority of Singapore said in a statement on Wednesday. Former UOB employee Nguyen Duy Minh was banned for 12 years and John Koh, previously at NTUC Income Insurance Co-operative Ltd., was barred for 10 years, from providing financial advisory services, the statement said.

HSBC says trade deal shows blockchain viable for trade finance

(May 14): HSBC Holdings Plc completed a transaction using blockchain which it said shows the technology is commercially viable for trade finance.

Together with ING Bank NV, the London-based bank handled a letter of credit for Cargill Inc. which relied on the blockchain technology developed by the R3 consortium, according to an emailed statement on Monday. The letter of credit backed a shipment of soybeans transported last week from Argentina to Malaysia, the statement added.

Gulliver ends HSBC tenure with rare profit miss on margins

HONG KONG/LONDON (Feb 20): Stuart Gulliver’s seven-year reign as HSBC Holdings Plc’s chief executive officer ended with a rare failure to live up to analysts’ earnings estimates as lending margins narrowed and the bank booked loan charges related to two clients.

Adjusted fourth-quarter pretax profit of US$3.6 billion ($4.7 billion) missed the lowest estimate among analysts surveyed by Bloomberg. HSBC on Tuesday highlighted an US$188 million increase in loan impairment charges for the period, “mainly driven” by two corporate borrowers.

Hong Kong's stock fortunes are tied to Tencent like never before

HONG KONG (May 23): Tencent Holdings Ltd. has become the undisputed ruler of Hong Kong stocks.

China’s largest Internet company has surged 45% this year, adding more than US$100 billion ($168.6 billion) in value to its shares and pushing the city’s benchmark equity gauge ahead of almost all major global peers. While some technical indicators signal a pullback for the stock is overdue, analysts are bullish on its outlook after the WeChat operator posted record results.

World’s highest-paid expats toil in land of fondue and watches

(Jan 2): It pays to be an expatriate in Switzerland.

Expats living in the home of UBS Group AG, drug maker Novartis AG and commodity trader Glencore Plc earn an average salary of US$188,275 ($273,046) a year. That’s the highest in the world and almost twice the global average, according to data published Monday by HSBC Holdings. Switzerland also tops the bank’s expat career ranking for a second year.

HSBC to close half of India branches in digital banking push

HSBC to close half of India branches in digital banking push

MUMBAI (May 20): HSBC Holdings Plc plans to shut almost half its branches in India and rely more on digital banking to expand its consumer business in the South Asian nation.

The London-based bank will cut 24 of its 50 branches as it seeks “the right mix of digital versus physical branch distribution,” according to an e-mailed statement on Thursday. The outlets to be closed account for less than 10% of HSBC’s retail customer base in India, the lender said in the statement.

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