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HSBC Holdings PLC (HSBC)

  • Jul. 8, 2013, 5:06 AM
    U.K. Finance Minister George Osborne will reportedly express his support today for the overwhelming majority of recommendations of a parliamentary panel to raise standards at the country's banks. The proposals include making it a crime to manage a bank recklessly and easier to claw back bonuses, although Osborne won't back a plan for tighter limits on leverage ratios.
    | Jul. 8, 2013, 5:06 AM | 1 Comment
  • Jul. 5, 2013, 5:02 AM
    HSBC (HBC) intends to shut its retail banking and wealth management operations in South Korea from Monday as the firm continues its worldwide streamlining. However, HSBC will leave its global banking and markets business, which are aimed at corporate clients, in place. Since May 2011, HSBC has closed or offloaded 52 businesses.
    | Jul. 5, 2013, 5:02 AM | Comment!
  • Jul. 3, 2013, 3:29 AM
    U.S. District Judge John Gleeson has approved HSBC's (HBC) record $1.92B deal with authorities to settle charges that the bank illegally carried out financial transactions for Mexican and Colombian drug cartels, money launderers and other wrongdoers. Gleeson authorized the agreement despite "heavy public criticism" that HSBC is being spared criminal charges under a "deferred-prosecution agreement."
    | Jul. 3, 2013, 3:29 AM | 1 Comment
  • Jul. 1, 2013, 7:14 AM
    The EU logs antitrust charges against Markit, the ISDA and 13 banks for blocking exchanges in the credit derivatives business. "The banks acted collectively to shut out exchanges from the market because they feared that exchange trading would have reduced their revenues." Banks charged: BAC, BCS, C, MS, CS, DB, GS, HBC, JPM, RBS, UBS, BNPQY.PK.
    | Jul. 1, 2013, 7:14 AM | 1 Comment
  • Jun. 26, 2013, 7:36 AM
    HSBC (HBC) and Citigroup (C) could soon be doing more business in China, winning Beijing's approval to sell domestic mutual funds in the country. Attracting more money into the languishing stock market is a priority for the country's leaders who only this February allowed the sales of mutual funds by domestic brokerages and insurers.
    | Jun. 26, 2013, 7:36 AM | Comment!
  • Jun. 20, 2013, 1:12 PM
    JPMorgan (JPM) and HSBC (HBC) cannot be sued for fraud and $30B by Bernie Madoff's liquidator - Irving Picard - because Picard himself is the trustee for Madoff's fraudulent enterprise, rules a federal appeals court. "Picard stands in the shoes of (Madoff) and may not assert claims against third parties for participating in a fraud that (Madoff) orchestrated."
    | Jun. 20, 2013, 1:12 PM | 1 Comment
  • Jun. 20, 2013, 4:47 AM
    The British banking sector needs to formulate plans to raise a combined £13.4B in order to meet Basel III capital requirements, the Bank of England's Prudential Regulation Authority said today. Banks had a total shortfall of £27.1B at the end of 2012 and have already drawn up programs to raise £13.7B, although some of the proposals need regulatory approval. RBS's (RBS) shortfall was £13.6B, Lloyds' (LYG) was £8.6B and Barclays (BCS) was £3B. However, the U.K. units of Banco Santander (SAN), HSBC (HBC) and Standard Chartered (SCBFF.PK) were in surplus. (PR)
    | Jun. 20, 2013, 4:47 AM | Comment!
  • Jun. 18, 2013, 7:28 AM
    Hong Kong extends it Hibor-rigging investigation (previously limited to UBS) to include HSBC (HBC) and a number of other banks, according to the central bank. In other rate-rigging news, it's bracelets for an ex-UBS trader as the U.K. launches criminal charges against him.
    | Jun. 18, 2013, 7:28 AM | Comment!
  • Jun. 9, 2013, 6:05 AM
    The U.K.'s Parliamentary Commission on Banking Standards will reportedly debate a 600-page report that it has put  together tomorrow and on Tuesday, with probable topics of discussion including splitting RBS (RBS) up into "good" and "bad" banks, a lack of competition, excessive pay and inadequate regulation. One of the problems, says an official, is that the banks are too big and complex for effective governance.
    | Jun. 9, 2013, 6:05 AM | 4 Comments
  • Jun. 6, 2013, 4:14 PM
    HSBC (HBC) and Standard Chartered (SCBFF.PK) are most at risk of an emerging market selloff, says JPMorgan, owing to their high exposure to ... emerging markets. In a report titled - "Fed Tapering: Who is afraid of EM selloff? We are!" - the bank says EM is going through the most disruptive period since Lehman and warns of a "material slowdown" in EM fixed-income revenues and "drying up" volumes. Also worth keeping an eye on are European banks with heavy LatAM exposure - SAN and BBVA.
    | Jun. 6, 2013, 4:14 PM | Comment!
  • Jun. 6, 2013, 2:48 AM
    Working in partnership with the FBI and authorities in over 80 countries, Microsoft's (MSFT) Digital Crimes Unit has launched a successful attack on one of the world's biggest cyber-crime rings. Microsoft forced the closure of at least 1,000 out of an estimated 1,400 malicious networks known as Citadel Botnets, which are believed to have stolen over $500M from accounts at financial companies such as American Express (AXP), PayPal (eBay), HSBC (HBC), JPMorgan (JPM), Royal Bank of Canada (RY) and Wells Fargo (WFC).
    | Jun. 6, 2013, 2:48 AM | 6 Comments
  • Jun. 4, 2013, 3:23 AM
    New York Attorney General Eric Schneiderman is suing HSBC (HBC) for allegedly breaching state law by not giving distressed homeowners the opportunity to negotiate loan modifications when they fell into the foreclosure process. HSBC often failed to file the requisite paperwork that would have triggered a settlement conference, but continued to charge interest and fees. This increased the amounts that homeowners owed and reduced their chances of qualifying for relief.
    | Jun. 4, 2013, 3:23 AM | Comment!
  • May 28, 2013, 8:01 AM
    The U.K.'s biggest four banks (RBS, HBC, LYG, BCS) will have eliminated about 189K jobs by the end of 2013 from peak staffing levels, according to Bloomberg. At about 606K people worldwide, staffing levels will be the least since 2004. "The big bulky mass layoffs ... are probably gone," says an analyst, but expect employment numbers to drift lower as the lenders continue to struggle to find growth. Meanwhile, U.S. banks are happily picking off top talent from RBS.
    | May 28, 2013, 8:01 AM | Comment!
  • May 28, 2013, 4:02 AM
    Bloomberg gets out its calculator and works out that Britain's top four banks will have cut their combined headcount by 189,000 by the end of this year from peak staffing levels of 795,000 in 2008. RBS (RBS) will have cut 78,000 jobs and Lloyds 31,000 through lay-offs and asset sales, while HSBC (HBC) and Barclays (BCS) have also been making sizable reductions. The moves come as U.K. banks streamline their operations and boost their capital ratios under much regulatory pressure.
    | May 28, 2013, 4:02 AM | 2 Comments
  • May 24, 2013, 4:03 AM
    District Court Judge John Gleeson is reportedly considering rejecting HSBC's (HBC) $1.9B deal with authorities over money laundering charges involving terrorists and drug dealers. Should Gleeson quash the agreement, HSBC could be left open to criminal prosecution and a ban from operating in the U.S., although the DOJ is questioning whether the judge has the authority to reject the deal. We could hear more details at HSBC's annual meeting today. Shares -0.9% in London.
    | May 24, 2013, 4:03 AM | 5 Comments
  • May 15, 2013, 7:54 AM
    "You're getting cost cuts as a means of sustaining performance and that's not a great sign," says analyst Simon Maughan. "What HSBC (HBC) is showing you (job cuts earlier) is that there is very little growth in the banking industry (XLF) for years to come." CEO Stuart Gulliver notes HSBC has met its savings target, but hasn't met a goal to reduce costs as a percentage of revenue because revenue hasn't grown.
    | May 15, 2013, 7:54 AM | 1 Comment
Company Description
HSBC Holdings PLC provides banking and financial services through four segments namely Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets and Global Private Banking.