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HSBC Holdings PLC (HSBC)

  • 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
  • May 15, 2013, 5:11 AM
    As expected, HSBC (HBC) announces 14K more jobs cuts as it tries to trim $3B in costs and increase shareholder returns. The challenging global economic environment may pinch revenues and make it difficult for the bank to meet its 12-15% ROE target for FY13, but management believes the target will be hit in FY14-FY16. CEO Stuart Gulliver says the bank intends to hike dividends and may repurchase stock to offset any dilution investors experience as a result of some shareholders taking their dividends in the form of additional shares. (Also: HBC's issues are "perfectly simple")
    | May 15, 2013, 5:11 AM | Comment!
  • May 13, 2013, 10:58 AM
    "The key issues for HSBC (HBC -1%) do appear perfectly simple," says Investec downgrading to Sell from Buy. "It is generating far more capital than it is able to deploy ... muted (or non-existent) loan growth coupled with  continuing (margin) pressure translates into poor cost-efficiency metrics and inadequate returns."
    | May 13, 2013, 10:58 AM | Comment!
  • May 13, 2013, 5:26 AM
    HSBC (HBC) may announce more job cuts this week as CEO Stuart Gulliver is set to unveil further measures to enhance efficiency at the bank, where the workforce has already been reduced by some 66,000. HBC could do away with up to 20 more businesses on top of the nine segments already dispensed in order to keep costs down and eliminate redundancies at an operation some say is "notorious" for its "levels of bureaucracy." An announcement could come as early as Wednesday, MarketWatch says, citing The Independent.
    | May 13, 2013, 5:26 AM | Comment!
  • May 7, 2013, 8:02 AM
    HSBC (HBC) gains 2.1% premarket as its cost-cutting regime pays off, with core earnings up 34% (to $7.6B) from a year ago. $4B in costs has been eliminated since 2011, and the bank believes there's another $1B to go. The offloading of employees and businesses has boosted the capital ratio as well - it rose to 12.7% this quarter, safely above the 9.5% it needs under Basel III.
    | May 7, 2013, 8:02 AM | 1 Comment
  • May 7, 2013, 4:45 AM
    HSBC (HBC): Q1 pretax profit of $8.43B beats by $330M. Underlying pretax profit +34% Y/Y to $7.6B. Core tier 1 capital rises to 12.7% from 12.3% in Q4.
    | May 7, 2013, 4:45 AM | Comment!
  • Apr. 23, 2013, 8:01 AM
    HSBC (HBC) adds to its cost-cutting drive, with the latest move set to cost 1,149 U.K. jobs (total U.K. employment is 47K). These cuts will mostly come from wealth management. CEO Stuart Gulliver has slashed about 34.5K from the global payroll since taking over in early 2011.
    | Apr. 23, 2013, 8:01 AM | Comment!
  • Apr. 22, 2013, 12:19 PM
    New regulations here and across the pond will eliminate $17B of trading revenue from the global banks, says Deutsche Bank - about 9% of total sales last year. The costs will be onerous enough, says Deutsche, as to maybe force the departure from FICC (bonds, commodities, currencies) trading of any firm with less than 6% market share. At risk: HBC, RBS, CS, MS, SCGLY.PK. UBS has already exited.
    | Apr. 22, 2013, 12:19 PM | 3 Comments
  • Apr. 9, 2013, 11:29 AM
    Banks this Friday will begin making payments to ~4.2M borrowers whose homes were in any stage of foreclosure in 2009-10. The payments, which will range from $300 to $125K, are compensation for the robo-signing scandal when bank employees said foreclosure documents were correct without reviewing them. Part of the settlement: BAC, C, GS, HBC, JPM, MET, MS, PNC, SAN, STI, USB, WFC.
    | Apr. 9, 2013, 11:29 AM | 34 Comments
  • Apr. 3, 2013, 7:41 AM
    HSBC (HBC) cuts more non-core assets, announcing the sale of its Singapore insurance business to AXA (AXAHY.PK) in a deal valued at about $19.3M. The move is a small part of a plan to save $3.5B in expenses and reduce headcount by 30K.
    | Apr. 3, 2013, 7:41 AM | Comment!
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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.