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HSBC Holdings PLC (HSBC)

  • 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!
  • Mar. 28, 2013, 9:21 AM
    The "generous" capital ratio imposed by the Bank of England - 7% by 2013's end vs. 10% in 2019 by Basel - may allow the country's lenders to avoid dilutive share shales. "There is no trigger for any fresh equity issuance," says analyst Ian Gordon, expecting "very limited" impact on existing capital plans. RBS -0.7%, LYG +0.7%, BCS +1.8%, HBC +1% premarket.
    | Mar. 28, 2013, 9:21 AM | Comment!
  • Mar. 27, 2013, 6:09 AM
    Various markets dive after the BOE spells out the continued massive risks to British banks. Half of the £25B that banks must raise this year has been factored into their capital-raising plans. All in all, major banks and building societies face a £50B reduction in their regulatory capital, although HSBC (HBC) doesn't face a shortfall. FTSE 100 -0.1%, S&P futures -0.2%. (PR)
    | Mar. 27, 2013, 6:09 AM | 1 Comment
  • Mar. 27, 2013, 5:48 AM
    The Bank of England says U.K. banks must raise another £25B by the year-end to protect themselves against potential losses. The losses that the sector faces over three years on high-risk loans exceeds existing provisions by £30B; banks also face £10B of additional fines and costs for misconduct. (PR)
    | Mar. 27, 2013, 5:48 AM | 5 Comments
  • Mar. 18, 2013, 3:36 AM
    HSBC (HBC) could reportedly axe up to 5,000 or more jobs as part of the desire of CEO Stuart Gulliver to lower expenses by another $1B in 2013. The cuts would add to the sharp staff and cost reductions the bank has already implemented in the past couple of years, and are set to be unveiled at an investor day in May. While the bank has slashed its outgoings, it's still far away from meeting its cost-income ratio targets.
    | Mar. 18, 2013, 3:36 AM | 1 Comment
  • Mar. 13, 2013, 5:25 PM
    Moving on from Libor, the CFTC is reportedly having an informal look at whether the London fix for gold and silver is open to manipulation. Gold prices are set twice daily by five banks via teleconference (silver by 3), with the fixings then used worldwide as benchmarks for any number of transactions. The banks involved: BCS, DB, HBC, BNS, SCGLY.PK.
    | Mar. 13, 2013, 5:25 PM | 3 Comments
  • Mar. 11, 2013, 6:01 AM
    The U.K.'s Parliamentary Commission on Banking Standards has called for the government to assume the power to mete out collective punishment on the country's banks, saying that it should consider breaking them all up into retail and investment-bank activities if even just one of them breaches new ring-fencing rules designed to avoid another bailout.
    | Mar. 11, 2013, 6:01 AM | 2 Comments
  • Mar. 5, 2013, 3:26 PM
    More on the HSBC (HBC) loan portfolio sale: The package has a book value of $3.4B vs. the sale price of $3.2B, so the bank won't book too much of a loss. Newcastle Chairman Wes Edens said just days ago this could be the year when banks really start to unload non-performing loan portfolios, and the buy makes a nice addition ahead of the spinoff the company's residential business.
    | Mar. 5, 2013, 3:26 PM | 1 Comment
  • Mar. 5, 2013, 9:03 AM
    Newcastle Investment (NCT) jumps 3.1% after inking a deal to acquire up to 50% of a $4.2B UPB portfolio of consumer loans - home and unsecured personal - from HSBC (HBC). Newcastle will team with another Fortress (FIG) affiliate - Springleaf Financial, which will have responsibility for servicing the loans. The total purchase price comes to $3.2B. (PR)
    | Mar. 5, 2013, 9:03 AM | 2 Comments
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.