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Wednesday, June 19, 2019


HSBC takes hits as Brexit Britain’s consumer casualty list grows

The closure of Jamie Oliver’s chain of restaurants means HSBC is sitting on about £30 million of potential losses.

Asia powers HSBC profit beat as trading arm languishes

Even though HSBC smashed their profit forecast, its trading business had a poor first quarter.

HSBC profit beats estimates as CEO reins in cost increases

Europe’s biggest lender has faced questions over its strategy since it failed to deliver on a pledge to deliver revenue gains in 2018.

HSBC’s fortress Hong Kong faces its biggest threat in years

HSBC, which owns about 60% of subsidiary Hang Seng Bank Ltd., has the biggest share across all major banking businesses in Hong Kong.

Singapore bans former HSBC, UOB bankers on fraud, dishonesty

Singapore goes all out to impose lengthly bans on convicted former HSBC and UOB bankers for fraud and dishonest conduct.

HSBC chases Asia’s wealthiest with new ultra-high net worth team

The London-based bank is building an ultra-high-net-worth team in Asia for clients with assets of about US$30 million or more.

HSBC probe helped lead to US charges against Huawei CFO

The US Department of Justice relied on HSBC's findings to bring its current criminal case against Huawei's chief financial officer, Meng Wanzhou.

HSBC joins Goldman Sachs in ‘radical’ middle-market lending push

Goldman Sachs will be boosting its revenue by US$5 billion by selling more services to midsize companies.

HK company apologises over ‘vacuum cleaner for her’ Valentine’s offer

The multi-page advertisement, described as an 'HSBC Staff Offer', is facing a huge amount of backlash over its sexist implications.

Source: HSBC cuts dozens of investment banking jobs

A source says those affected will be informed this week.

Turn to Southeast Asia for growth, HSBC tells international businesses

The region has come a long way since the 1997-1998 Asian Financial Crisis, says HSBC head of strategy and planning for Asia-Pacific.

HSBC profit surges to US$5.9 billion in third quarter

The Asia-focused banking giant has been on a recovery and huge restructuring drive in recent years to streamline the business.

HSBC sees little impact on Saudi Arabia investment after Khashoggi murder

HSBC has played an increasingly active role in Saudi Arabia in recent years and its Chief Executive John Flint said the bank will remain supportive of its local affiliate in the kingdom, Saudi British Bank (SABB).

HSBC plans wealth hiring spree in CEO’s bet on Asia’s rich

The wealth strategy is part of Flint’s plan to grow HSBC by expanding in Asian markets including Greater China and Southeast Asia.

HSBC to bolster Asia private banking headcount, double client assets

HSBC's private banking business had a torrid time following embarrassing data leaks in 2008 allegedly showing tax evasion by clients.

HSBC revenue trails estimates as flint pushes for Asia growth

Flint, promoted to chief executive officer in February, plans to grow the global behemoth by expanding in key Asian markets including China and establishing the lender as a top-tier wealth manager.

Banks are facing a squeeze from Trump’s trade war

Lenders globally have faced declining revenue from the US$9 trillion business of funding cross-border commerce for five years running, thanks to a drop in margins that is persisting in Asia.

Ex-HSBC FX trader Scott begins last-gasp extradition fight

Stuart Scott was charged, along with his ex-boss Mark Johnson, by the US Justice Department in July 2016 with front-running a US$3.5 billion currency order from Cairn Energy Plc in 2011 that made the bank US$8 million.

RBS’s Stevenson to become finance chief at HSBC

The appointment of 52-year-old Stevenson completes a new top team at HSBC, with CEO Flint and Chairman Mark Tucker also taking up their posts in the past year.

HSBC reports $4.76 bn pre-tax profit in first quarter

Hong Kong banking giant HSBC said Friday that pre-tax profit dipped four percent to $4.76 billion in the first three months of the year owing to rising operating costs but added it would buy back $2 billion worth of stock.

HSBC warns of higher deficit from Pakatan policies

Banking group gives a gloomy assessment of PH manifesto, says private investment may slow down.

HSBC: Ringgit may weaken if there’s a change of govt

The banking group says the opposition’s proposal to reverse the GST, fuel subsidies and China’s investments may result in a weaker currency in the short term.

HSBC picks Malaysia chief to lead its Belt and Road Initiative

Hussain, who joined the UK bank in 1982, will move to Hong Kong and start the position on July 1, London-based HSBC said in an emailed statement Monday.

Online consumer spending in SEA to rise 500% by 2025

HSBC Bank Malaysia CEO says this is world’s fastest-growing region online, with four million new users getting connected every month.