• Wed, Jul. 20, 10:37 AM
    • HSBC global head of foreign exchange cash trading, Mark Johnson is the first individual charged in the DOJ's three-year probe of forex rigging at global banks.
    • He was arrested as he was preparing to fly out of NYC's Kennedy airport late yesterday (he works in both London and New York).
    • Johnson is to appear before a judge this morning, and will be charged with conspiracy to commit wire fraud involving front-running clients, reports Bloomberg.
    • In related news, the Fed yesterday banned former UBS trader Matthew Gardiner from the banking industry for life for his role in forex rigging. He's cooperating with prosecutors as they build cases against others.
    | Wed, Jul. 20, 10:37 AM | 3 Comments
  • Wed, Jul. 6, 11:10 AM
    • Cashing out of stocks in one thing, but unloading that office building or shopping mall by the close of business is a different story. Henderson Global Investors suspends dealings in its £3.9B U.K. property fund, becoming the fourth such outfit to do so this week.
    • The FTSE 100 (NYSEARCA:EWU) is lower by 1.45% ahead of the close, outperforming Europe once again, where most major markets are down 2% or more.
    • That's in nominal terms, of course. The British pound (NYSEARCA:FXB) has taken out new three-plus decade lows, now down 1% vs. the dollar at $1.2892.
    • Faring worst in the U.K. are the banks. RBS (RBS -7.7%), Lloyds (LYG -8.9%), Barclays (BCS -3.6%), HSBC (HSBC -1%).
    | Wed, Jul. 6, 11:10 AM | 13 Comments
  • Tue, Jul. 5, 6:21 AM
    • The Bank of England has taken steps to shore up the U.K. economy following Britons' decision to exit the EU, warning that the outlook for the stability of the financial system has become "challenging."
    • The decision to reduce the so-called countercyclical capital buffer to zero will allow British banks to lend an extra £150B to U.K. businesses and households, keeping the economy flush with credit.
    | Tue, Jul. 5, 6:21 AM | 18 Comments
  • Mon, Jul. 4, 3:42 AM
    • After receiving all the necessary regulatory approvals, HSBC has completed the sale of its entire business in Brazil.
    • The transaction is expected to decrease group risk-weighted assets by around $37B and increase the group's common equity tier 1 ratio by around 65 bps.
    • HSBC previously confirmed the deal was worth $5.2B in an all-cash transaction.
    | Mon, Jul. 4, 3:42 AM
  • Thu, Jun. 30, 8:29 AM
    • In news that shouldn't shock anyone, HSBC seems convinced enough that London will remain a key financial center, even with the U.K.'s exit from the EU.
    • Speaking to reporters, Chairman Douglas Flint says, post-Brexit, the bank has no intention of reviewing its February decision to keep its HQ in London.
    | Thu, Jun. 30, 8:29 AM | 4 Comments
  • Wed, Jun. 29, 11:02 AM
    • In the first are what are expected to be a series of mandatory "fireside chats," the heads of the five major U.K. banks, along with some smaller lenders, came into the Bank of England yesterday.
    • Source: FT
    • At the meeting - chaired by a senior central bank official and including an appearance by Governor Mark Carney - the bankers were given a supportive message about the amount of liquidity in the system, and "encouraged" to keep the lending spigots open (as opposed to the credit crunch that followed Lehman Brothers).
    • Those present included the CEOs of HSBC, BCS, LYG, RBC and OTCPK:SCBFF.
    | Wed, Jun. 29, 11:02 AM | 4 Comments
  • Wed, Jun. 29, 4:14 AM
    • Moody's has cut its outlook on the British banking system from stable to negative following the Brexit referendum.
    • "We expect lower economic growth and heightened uncertainty over the U.K.'s future trade relationship with the EU to lead to reduced demand for credit, higher credit losses and more volatile wholesale funding conditions," the agency declared.
    • On the other side of the fence, ECB Vice President Vitor Constancio said banks were oversold in the wake of Brexit and it wasn't a "Lehman moment."
    | Wed, Jun. 29, 4:14 AM | 5 Comments
  • Tue, Jun. 28, 7:13 AM
    • That $35B is through 2018, and it represents an 11% decline from what profits would have been without the economic shock of the Brexit, says Goldman. U.K. banks will suffer the most, with Nordic lenders least exposed.
    • The team cuts Barclays (NYSE:BCS) to Neutral from Buy, citing "heightened operational risk due to passporting (system that lets EU members service clients in all of the bloc's states)."
    • After the carnage of Friday and Monday, it's bounce day today. Lloyds (NYSE:LYG+6.1%, RBS +4.05%, HSBC +1.7%, BCS +2.3% premarket.
    • European lenders: DB +2.8%, SAN +2.45%.
    • ETF: EUFN +4%
    | Tue, Jun. 28, 7:13 AM | 22 Comments
  • Tue, Jun. 28, 5:19 AM
    • Moody's will revise the outlook of "a number of big U.K. lenders" to negative from stable today due to fallout from last week's EU referendum, Sky News reports.
    • The plan comes just hours after rival Standard & Poor's stripped the U.K. of its coveted triple-A rating and Fitch downgraded the sovereign.
    • Related tickers: HSBC, BCS, RBS, LYG, OTCPK:SCBFF
    | Tue, Jun. 28, 5:19 AM | 8 Comments
  • Mon, Jun. 27, 9:44 AM
    • Amid more gut-wrenching losses for U.K. banks, HSBC is outperforming by a mile with just a 4.5% decline today. Liking HSBC's "defensive" nature post-Brexit, JPMorgan's Kian Abouhossein upgrades to Neutral from Underweight.
    • Alongside, he downgrades Lloyds (LYG -15.6%) and Barclays (BCS -20.5%) to Neutral from Overweight, and RBS (RBS -13.4%) to Underweight from Neutral.
    • At issue for all U.K. banks, he says, is the likelihood the Bank of England cuts its benchmark rate to zero, further pressuring net interest margins.
    | Mon, Jun. 27, 9:44 AM | 16 Comments
  • Mon, Jun. 27, 6:55 AM
    | Mon, Jun. 27, 6:55 AM | 62 Comments
  • Fri, Jun. 24, 5:22 AM
    | Fri, Jun. 24, 5:22 AM | 129 Comments
  • Thu, Jun. 23, 4:51 PM
    • Ally Financial (NYSE:ALLY): Actual end of 2015 CET1 ratio of 9.2%, Q1 2018 CET1 ratio under severely adverse scenario of 6.1%, minimum 6.1%.
    • American Express (NYSE:AXP): Actual 12.4%, Q1 2018 12.3%, minimum 11.4%.
    • Bank of America (NYSE:BAC): Actual 11.6%, Q1 2018 8.1%, minimum 8.1%.
    • BNY Mellon (NYSE:BK): Actual 11.5%, Q1 2018 11.2%; minimum 10.5%.
    • BB&T (NYSE:BBT): 10.3%, 6.9%, 6.9%
    • BBVA Compass (NYSE:BBVA): 10.7%, 6.5%, 6.5%.
    • BMO Financial (NYSE:BMO): 11.9%, 5.9%, 5.9%.
    • Capital One (NYSE:COF): 11.1%, 8.2%, 8.2%.
    • Citigroup (NYSE:C): 15.3%, 9.2%, 9.2%.
    • Citizens Financial (NYSE:CFG): 11.7%, 8.8%, 8.8%.
    • Comerica (NYSE:CMA): 10.5%, 8.3%, 8.3%.
    • Discover (NYSE:DFS): 13.9%, 12.4%, 11.9%.
    • Fifth Third (NASDAQ:FITB): 9.8%, 6.8%, 6.8%.
    • Goldman Sachs (NYSE:GS): 13.6%, 10.2%, 8.4%.
    • HSBC N.A. (NYSE:HSBC): 15.7%, 9.1%, 9.1%.
    • Huntington Bancshares (NASDAQ:HBAN): 9.8%, 5%, 5%.
    • JPMorgan (NYSE:JPM): 12%, 8.3%, 8.3%.
    • KeyCorp (NYSE:KEY): 10.9%, 6.4%, 6.4%.
    • M&T (NYSE:MTB): 11.1%, 6.9%, 6.9%.
    • Morgan Stanley (NYSE:MS): 16.4%, 10%, 9.1%.
    • Northern Trust (NASDAQ:NTRS): 10.8%, 9.6%, 9.6%.
    • PNC Financial (NYSE:PNC): 10.6%, 7.6%, 7.6%.
    • Regions (NYSE:RF): 10.9%, 7.3%, 7.3%.
    • Santander Holdings (NYSE:SAN): 12%, 11.8%, 11.8%
    • State Street (NYSE:STT): 13%, 9.6%, 9.6%
    • SunTrust (NYSE:STI): 10%, 7.5%, 7.5%.
    • TD Group (NYSE:TD): 13.1%, 8.4%, 8.4%.
    • U.S. Bancorp (NYSE:USB): 9.6%, 7.5%, 7.5%.
    • Wells Fargo (NYSE:WFC): 11.1%, 7.2%, 7.2%.
    • Zions (NASDAQ:ZION): 12.2%, 6.6%, 6.6%.
    • Previously: All 33 banks pass this year's stress tests (June 23)
    | Thu, Jun. 23, 4:51 PM | 59 Comments
  • Mon, Jun. 20, 11:02 AM
    • Punished worse than most in the run-up to the Brexit referendum have been the British banks as London's financial center status is seen as highly  vulnerable in the event the "leave" camp prevails.
    • A weekend poll showing a sizable shift back to the "remain" camp has the FTSE 100 higher by 4.15%, with Barclays (BCS +7.9%), RBS (RBS +8%), and Lloyds (LYG +9.3%) leading the way. HSBC's (HSBC +3.5%) gain in more inline with the major average.
    | Mon, Jun. 20, 11:02 AM | 6 Comments
  • Thu, Jun. 16, 6:18 PM
    • HSBC says it agrees to pay $1.575B to settle a 14-year-old shareholder class action lawsuit tied to the Household International consumer finance business the bank bought in 2003.
    • HSBC Finance says it expects to take a related ~$585M pre-tax charge in Q2, but it could have faced liability as high as $3.6B.
    • The settlement, which is subject to court approval, averts a second trial in the litigation, which had been expected to begin last week in the U.S. District Court in Chicago.
    • The case was filed in 2002 against Household International, the predecessor of HSBC Finance, and accused the company and some execs of misrepresenting the interest rates it charged consumers for loans and hiding prepayment penalties in loan terms.
    | Thu, Jun. 16, 6:18 PM | 3 Comments
  • Tue, Jun. 14, 7:42 AM
    • The Bank of England is offering the country's lenders extra liquidity to help them get through any volatility surrounding next week's Brexit vote. Banks today tapped the central bank for £2.46 of that cash.
    • While that amount at repo auctions isn't unusual (they're held every month), the BoE is offering an extra three auctions in June - two before the vote and one after.
    • The stock prices of British banks have been under heavy pressure ahead of the vote, and most are lower again today. In London trade: Barclays (NYSE:BCS-2.9%, RBS -1.7%, Lloyds (NYSE:LYG-1.9%, HSBC -1.15%.
    • The FTSE 100 is down 1.2%, and the pound (NYSEARCA:FXB) is off 1% vs. the dollar.
    | Tue, Jun. 14, 7:42 AM | 8 Comments
Company Description
HSBC Holdings Plc operates as a holding company. It provides banking and financial services through the following global businesses, including Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets and Global Private Banking. The Retail Banking and Wealth Management... More
Sector: Financial
Industry: Foreign Money Center Banks
Country: United Kingdom