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HSBC Holdings PLC (HSBC)

  • Jan. 9, 2013, 4:32 AM
    Goldman Sachs (GS), Morgan Stanley (MS), HSBC (HBC) and Ally Financial could reportedly reach a $1.5B deal with regulators this week to settle allegations of foreclosure abuse, and end a costly and ineffective review of individual repossessions. The agreement would be similar to the $8.5B+ deal that ten other banks reached earlier this week.
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  • Jan. 8, 2013, 5:38 AM
    HSBC's (HBC -0.8%) sale of its 15.6% stake in China's Ping An Insurance to Thailand's Charoen Pokphand for $9.4B is reportedly in doubt after China Development Bank changed its mind about providing a large part of the funding for the deal. HSBC had expected to book a profit of $3B on the transaction.
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  • Jan. 7, 2013, 4:04 AM
    Credit Agricole (CRARF.PK) leads major European banks higher, rising 4.7% after regulators ease Basel liquidity rules, followed by Deutsche Bank (DB) +4.3%, Unicredit (UNCFY.OB) +4.3% and Barclays (BCS) +3.7%. Also, SocGen (SCGLF.PK) +3.4%, HSBC (HBC) +0.75%, Lloyds (LYG) +1.9%, Santander (SAN) +2%, RBS (RBS) +1.5%, UBS (UBS) +2% and Credit Suisse (CS) +3.4%. Italy's Banca Monte dei Paschi di Siena (BMDPY.PK) +15%.
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  • Jan. 3, 2013, 5:36 AM
    British banks intend to increase loans to companies and consumers after having already provided more mortgages in Q4, a Bank of England survey has found. The government will no doubt be happy given that banks cited its funding-for-lending scheme, which offers banks cheap loans for re-lending to businesses and individuals, as a major factor in the increased availability of credit.
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  • Jan. 1, 2013, 9:15 AM
    The indictment of several Colombian men in January 2010 on money-laundering charges in a Brooklyn federal court attracted little attention, but it was a vital lead for authorities in their efforts to crack down on HSBC (HBC) for its lax compliance policies in an investigation that led to a $1.9B settlement last month. Reuters has the inside scoop.
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  • Dec. 19, 2012, 7:10 AM
    Following a 5-month 43% move higher in the EUFN, the European financial sector is upgraded to Neutral from Sell at Credit Suisse. Earlier this week, Meredith Whitney turned bull on the U.S. financial sector after its torrid 2012 run.
  • Dec. 17, 2012, 4:44 AM
    The U.K.'s Parliamentary Commission on Banking Standards is expected to call for banks to be broken up rather than just forcing them to ring-fence their retail operations from their investment banking activities, as recommended in the Vickers Report. The Commission will makes its call in its own report, which is due to be released on Friday.
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  • Dec. 14, 2012, 8:02 AM
    UBS (UBS) doesn't just face a fine of $1B for rigging Libor and other inter-bank rates, it will reportedly become the first major bank in over a decade to admit criminal wrongdoing. A settlement could come on Monday. Meanwhile, prosecutors didn't indict HSBC (HBC) for money laundering due to fears about the effect on the financial system. Senator Charles Grassley was not impressed.
  • Dec. 11, 2012, 2:31 PM
    Along with a $1.92B fine for allowing itself to be used as a tool for money-laundering by Mexican drug cartels (not to mention sweethearts in the Middle East and elsewhere), HSBC (HBC) will spend $700M on a global "know your customer" program - more or less the implementation of a range of anti-money-laundering safeguards.
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  • Dec. 10, 2012, 4:01 PM
    The U.S. is set to announce a $1.9B settlement with HSBC (HBC) over money-laundering charges with regards to Iran, reports the WSJ. That a settlement was coming was leaked last week (though to the tune of $1.8B). Earlier, Standard Chartered was fined $327M for its own money-laundering scheme with the Iranians.
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  • Dec. 10, 2012, 6:03 AM
    The Bank of England and FDIC unveil the first cross-border plan to deal with too-big-to-fail banks that start...failing. Senior management would be sacked, shareholders would be wiped out, and unsecured bondholders "can expect that their claims would be written down to reflect any losses that shareholders cannot cover," which didn't happen in the financial-crisis bailouts. (PR)
  • Dec. 7, 2012, 12:18 PM
    HSBC (HBC) is downgraded to AA- from AA by Fitch, which says the bank's diversity across businesses and geography may no longer be a strength, and has instead been "neutralized" by the increasing cost of managing the whole operation.
  • Dec. 5, 2012, 8:10 PM
    HSBC (HBC) may pay a $1.8B fine to settle with the U.S. as part of a money laundering suit alleging the bank allowed clients to move illicit funds from Mexico and Iran among other countries. The potential settlement, which has been in the works for months, could be settled as early as next week. The case could serve as a litmus test for just how far U.S. prosecutors will go to try and halt illicit flows of money moving through U.S. banks.
  • Dec. 5, 2012, 2:42 AM
    HSBC (HBC) agrees to sell its 15.6% stake in China's Ping An Insurance for $9.38B to Charoen Pokphand Group, which is controlled by Thailand's richest man, Dhanin Chearavanont. Having bought the holding for $1.7B in 2002-2005, HSBC will earn a profit of $7.68B. With the deal part of HSBC's strategy of selling non-core operations, analysts reckon its 19.9%, HK$79B ($10.19B) stake in China's Bank of Communications could be next. (PR)
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  • Nov. 29, 2012, 6:34 AM
    The Bank of England's Financial Policy Committee accuses British banks of possibly misleading investors about the health of their finances. In its semi-annual report, the panel says banks may be overstating capital levels by not recognizing potential losses on loans and playing down risks. Banks may also not have made enough provisions to cover the costs of compensating customers for the mis-selling of certain financial products.
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  • Nov. 28, 2012, 3:56 AM
    The Fed is reportedly considering forcing foreign banks to combine their U.S. operations into American holding companies, which would require the units to meet minimum capital standards regardless of the resources of the parent firms. The move could increase costs, force foreign banks to inject billions of dollars into their U.S. ops, limit the movement of capital and even hurt lending.
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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.