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HSBC Holdings PLC (HSBC)

  • Oct. 22, 2012, 6:24 AM
    No more light-touch regulation in the U.K.: the Financial Services Authority is forcing banks to hold £150B of "Pillar 2 buffer" capital on top of the £186B needed under Basel rules. The additional amount is much higher than the £20B required prior to the financial crisis. The FSA's Andrew Bailey tells the FT that the extra cushion allows regulators to experiment with ideas to encourage lending.
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  • Oct. 12, 2012, 7:44 AM
    The EU could delay the phasing in of tough new Basel rules on banks by a year from the international start date of January 1, 2013, Bloomberg reports. Banks have said that the date is "wholly unreasonable" given that the EU still hasn't finalized how it will implement the measures.
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  • Sep. 21, 2012, 8:26 AM
    Despite the government's best efforts at pushing them to boost lending, flush U.K. banks find it easier (and less risky) to profit by paying a premium to buy back their bonds. Why make a loan and be forced to reserve precious capital against it when you can be assured of a gain by cutting interest expense?
  • Sep. 13, 2012, 8:31 AM
    Deutsche Bank (DB), Santander (SAN), ING and HSBC (HBC) are among the European banks still doing business with Iran despite some being forced to pay huge fines because of those ties, a WSJ review shows. Banks continue to handle billions of euros in long-term contracts, although several say they're not going after new business but are trying to wind down existing relationships.
  • Sep. 11, 2012, 4:20 AM
    Moody's remains negative on U.K. banks, due to the travails of the British and eurozone economies. The agency says the likes of RBS (RBS), Lloyds (LYG) and Barclays (BCS) could also be hit by high regulatory costs following various scandals and write-downs on their exposure to foreign real estate. (PR)
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  • Sep. 3, 2012, 4:09 AM
    A group of RBS (RBS) shareholders plan to launch a £3.3B lawsuit against the bank, ex-CEO Fred Goodwin, and other former execs, the Times reports. The group allege that RBS misled investors about its frailty at the time of a £12B rights issue in 2008, since when shares have plummeted. The group is backed by 91 institutional investors, including HSBC (HBC) and Deutsche Bank (DB), but needs to secure £12M-£15M in case of defeat.
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  • Aug. 24, 2012, 4:23 AM
    HSBC (HBC) is in talks with U.S. authorities about settling allegations that it broke U.S. law through its dealings with various rogue nations and other sins, Bloomberg reports. HSBC has already set aside $700M of provisions for any U.S. fines. The report follows S&P yesterday lowering its outlook on HSBC to negative from stable, and asking whether HSBC is too big to be managed.
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  • Aug. 22, 2012, 10:45 AM
    Up next on the scandal agenda for U.K. banks are swap products marketed aggressively to average-Joe borrowers from 2005-08. Rate swaps were designed to protect against rising rates. Trouble is, rates plummeted, forcing heavy charges onto the clients who signed up. Thus far, the banks have provisioned only small sums for possible legal remedies.
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  • Aug. 16, 2012, 7:57 AM
    Swiss (and other) banks name names, turning over to U.S. authorities thousands of their employees' names, emails, and phone records to try and curry favor in the tax evasion investigation. Swiss law prevents companies from assisting in foreign legal proceedings, but several have quietly received an exemption.
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  • Aug. 15, 2012, 3:18 PM
    More on the Libor probe: Receiving subpoenas in recent weeks along with JPMorgan and Barclays are DB, RBS, and HBC. Citigroup (C) and UBS received subpoenas earlier this year.
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  • Aug. 12, 2012, 2:46 AM
    International banks are worried that they could find themselves the target of New York investigations over transactions that the federal authorities said were legal but that the State's banking regulator could deem illegal, the NYT reports. The concern among the banks, which include Lloyds (LYG), Barclays (BCS), ING and HSBC (HBC), follow NY's accusations against StanChart overs its dealings with Iran.
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  • Aug. 9, 2012, 4:56 AM
    U.S. District Judge Naomi Buchwald yesterday suspended a number of new lawsuits against major banks over the Libor affair so she can resolve any motions to dismiss on other cases. Banks being sued over Libor include Citigroup (C), BofA (BAC), HSBC (HBC) and UBS (UBS).
  • Jul. 31, 2012, 2:35 AM
    Korea Development Bank says it has ended talks over the possible purchase of HSBC's (HBC) Korean retail banking business. Negotiations were discontinued because KDB and HSBC failed to reach an agreement on employment conditions.
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  • Jul. 30, 2012, 4:46 AM
    HSBC (HBC): H1 pretax profit of $12.7B, up 11% on the year and above consensus of $12.5B. Underlying profit was down 3% on the year to $10.6B. Sets aside $2B to cover regulatory and compliance problems in the U.S. and UK. Core Tier 1 ratio of 11.3%, up from 10.1% in December. Shares -1.5% premarket. (PR .pdf)
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  • Jul. 18, 2012, 3:34 PM
    Regulators are focusing on HSBC (HBC), Deutsche Bank (DB), Societe Generale (SCGLY.PK), and Credit Agricole (CRARY.PK) in their Libor investigation, reports the FT. Investigators are checking the links between traders at those 4 banks and a Barclays trader who apparently orchestrated the manipulation effort.
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  • Jul. 18, 2012, 4:55 AM
    HSBC (HBC) is putting its Vietnam insurance business up for sale, sources say. The deal could bring in ~$400M for HSBC as it works to exit non-core markets.
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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.