HSBC
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  • Mon, Aug. 29, 12:50 PM
    • HSBC's global head of foreign exchange, Mark Johnson was arrested at Kennedy airport last month as he was about to get on a plane for London. Along with the bank's former head of currency trading in Europe - Stuart Scott - he's been charged with manipulating the pound for profit.
    • The case is noteworthy as the two are the first to be criminally charged in the U.S. over the long-running investigation.
    | Mon, Aug. 29, 12:50 PM
  • Mon, Aug. 15, 10:49 AM
    • HSBC (HSBC +0.2%) has appointed named Anthony Glover as head of its U.S. retail banking division.
    • He will also serve as a member of the U.S. retail banking and wealth management executive committee.
    • Glover previously worked at JPMorgan as head of corporate development for Chase merchant services.
    | Mon, Aug. 15, 10:49 AM
  • Wed, Aug. 3, 8:57 AM
    • HSBC Holdings (NYSE:HSBC): 1H16 EPS of $0.32.
    • Revenue of $29.47B (-10.5% Y/Y)
    • Press Release
    | Wed, Aug. 3, 8:57 AM | 7 Comments
  • Wed, Aug. 3, 7:25 AM
    • Pretax earnings fell 45% from a year earlier, and the bank pulled its target of a 10% ROE by the end of next year, but HSBC is higher by 3.7% in London action after its capital return plans.
    • The lender plans on returning half the equity freed up by the sale of its Brazil unit with a $2.5B buyback, and while many analysts had expected a cut in the $0.51 dividend, HSBC will maintain that level.
    • HSBC's U.S. operation was approved to return "substantial" capital to the parent company, which could lead to another buyback, says Finance Director Iain Mackay.
    | Wed, Aug. 3, 7:25 AM | 1 Comment
  • Wed, Aug. 3, 2:03 AM
    • HSBC cast doubt over reaching its profitability targets after first half earnings tumbled 29% on year - just shy of expectations - due to a slowdown in its key markets of Britain and Hong Kong.
    • Societe Generale (OTCPK:SCGLY) and Credit Agricole (OTCPK:CRARY) beat estimates, however, reporting a jump in Q2 net profit helped by a gain from their stake sales in Visa Europe.
    | Wed, Aug. 3, 2:03 AM
  • Tue, Jul. 26, 1:37 PM
    • "Banks are figuring out that providing every product and every service to every client in every country was just wrong," says former Citigroup (NYSE:C) CEO Vikram Pandit, who used to tout his bank's "globality." Prior to the financial crisis, Citi had 268M customers, and today - after selling or shutting down retail operations across the globe, cutting its U.S. branch network by two-thirds, exiting subprime lending, student loans, and life insurance - has lost about 25% of its customers (along with more than 40% of its workforce).
    • "We're not close to being done," says Pandit.
    • Similar changes have taken place at HSBC, which actually had an even larger global footprint than Citigroup. For its part, the bank's been using six "filters" to determine whether it needs to exit certain locations or businesses. Among them are profitability, efficiency, and risk of financial crime.
    • So far, the cuts haven't manifested themselves in increased profitability. ROE at both lenders remains low (8% for C, 7% for HSBC; both were 16% pre-crisis). And it hasn't stifled calls to break up the big banks.
    • Source: Bloomberg's Yalman Onaran
    | Tue, Jul. 26, 1:37 PM | 9 Comments
  • 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.
    • Related tickers: BCS, HSBC, SAN, AV, PUK, OTCPK:TSBBY, OTC:SLFPF, OTCPK:LGGNY
    | 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."
    • Related tickers: BCS, HSBC, SAN, AV, PUK, OTCPK:TSBBY, OTC:SLFPF, OTCPK:LGGNY
    | 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