Following the recent revelation that HSBC subsidiary NHFA mis-sold asset-backed investment products to elderly people in care, HSBC has promised to consider complaints dating back to before it took over NHFA in 2005. The decision means that HSBC could face thousands more potential claims for compensation, adding to the £30m compensation bill it already expects [...]
HSBC subsidiary NHFA, which offered advice on financial provision for people in long-term care, has been fined £10.5m by the Financial Services Authority (FSA). NHFA was found to have mis-sold asset-backed investment products to 87 per cent of 2,485 elderly people or their representatives, who bought the products to fund care costs. The products were [...]
HSBC claims to have launched the only mortgage with a rate of less than 4% for first-time buyers and has also promised to make a further £350m available to borrowers with smaller deposits by the end of the year. It latest mortgage offers a rate of 3.84% for two-years to borrowers with a deposit of [...]
Not so long ago houseowners could rely on the equity in their existing property, generated by its growing market value, to fund a move to a larger home, but new research from HSBC confirms that this is often no longer an option. The bank suggests that a fall in property prices means that first time [...]
HSBC has re-iterated its threat to leave Britain if the government’s proposed banking reforms are introduced. The new capital rules, recommended by the Independent Commission on Banking, could cost HSBC $2.5 billion a year, a price which it may be unwilling to pay. HSBS has had its headquarters in the UK for the last 20 [...]
Banking giant HSBC has today announced plans to axe 3,000 jobs at its Asian headquarters in Hong Kong over the next three years. The reduction in headcount is part of an ongoing global cost-cutting plan after comes shortly after the bank said it would axe 30,000 jobs by 2013. The bank, which is Europe’s largest, [...]
Manufacturing activity in China grew for the first time in four months in August, two separate surveys have revealed. Firstly, the official China Federation of Logistics and Purchasing (CFLP) said its purchasing managers’ index (PMI) edged higher to 50.9 last month from July’s reading of 50.7. The index remains just above the crucial 50 level, [...]
Banking giant HSBC has today announced it has disposed of its US credit card division to Capital One Financial, as part of a global strategic cost-cutting exercise. The announcement comes shortly after the bank said it would slash its underperforming US branch network by half and also announced it would axe 30,000 jobs globally in [...]
Banking giant Barclays is the latest bank to report its half-year profits and announce job losses. The bank said pre-tax profits came in at £2.6 billion for the six months to the end of June, down one third from the same period a year ago. However, chief executive Bob Diamond said he was pleased with [...]
Manufacturing activity in China eased further last month, two separate surveys have revealed today. Firstly, the official China Federation of Logistics and Purchasing (CFLP) said its purchasing managers index (PMI) fell to 50.7 last month from June’s reading of 50.9. Secondly, the HSBC China Manufacturing PMI also suggested activity is slowing with the index falling [...]
Banking giant HSBC has today announced plans to shed 25,000 jobs by 2013 after reporting a rise in half-year profits. The bank, which is Europe’s largest, has already unveiled 5,000 job cuts, 700 of which are in the UK. HSBC has a global workforce of 335,000 worldwide, with 52,000 in the UK. It said the [...]
Credit Suisse, which is Switzerland’s largest bank, has today revealed it will axe 2,000 jobs after unveiling poor results in the second quarter. The job cuts represent approximately 4% of its 50,700-strong global workforce. The Swiss banking giant has been hit by weak trading activity and the strong Swiss franc. Net profits dived to SwFr [...]
According to a report today, banking giant HSBC is to axe more than 10,000 jobs as part of the bank’s strategic review. The report from Sky News said some of the cuts will come from its head office while others will be the result of closing some retail banking operations. However, a spokesperson for the [...]
Manufacturing activity in China eased last month, two separate surveys have revealed today. Firstly, the official China Federation of Logistics and Purchasing (CFLP) said its purchasing managers index (PMI) fell to 50.9 in June from May’s reading of 52 – the lowest level since February 2009. The reading was also lower than expectations of a [...]
Manufacturing activity in China eased last month, two separate surveys have revealed today. Firstly, the official China Federation of Logistics and Purchasing (CFLP) said its purchasing managers index (PMI) dipped to 52 in May from 52.9 in April. While the reading was better than expectations of 51.6, it represented the lowest for nine months. Secondly, [...]
HSBC, which is Europe’s largest bank, was the recipient of shareholder anger yesterday at its annual general meeting. Shareholders were disgruntled about the level of pay to executives and 20% of investors rejected the bank’s remuneration plan, which included new arrangements for paying board members after last year’s AGM. However, while 80% of shareholders supported [...]
HSBC has today revealed it will embark on a massive cost-cutting exercise, just two days after it unveiled its first quarter results. The bank, which is Europe’s largest, is looking to save up to $3.5 billion (£2 billion) by streamlining its IT operations and cutting back on its wealth management and retail divisions. However, the [...]
Banking giant HSBC has today said net profits grew 58% to $4.153 billion in the three months to 31 March on lower taxes and bad debt charges. However, the bank, which is Europe’s largest, said the group’s pre-tax gains were driven down by rises in other exceptional costs – such as the £269 million it [...]
Manufacturing activity in China appears to have improved in March, two separate surveys have revealed today. Firstly, the official China Federation of Logistics and Purchasing (CFLP) said its purchasing managers index (PMI) rose to 53.8 in March from February’s six-month low of 52.2. Secondly, the HSBC China Manufacturing PMI edged higher to 51.8 in March [...]
Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, has disclosed details of the amount of money it paid to its key staff in 2010. The bank said its 323 key staff were paid a total of £375 million last year - after already divulging its chief executive, Stephen Hester, received a [...]
Wonga causes outrage by targeting students
Payday loan company Wonga has removed an article from its website which suggested that students should take out a payday loan rather than a Student Loan. The article suggested that student loans, which charge around 5 per cent, encouraged students to live beyond their means. With Wonga charging around 4,000 per cent for its loans, [...]
MPs call for action over whiplash claims
Car insurance costs are spiralling and claims for whiplash injuries are one of the main causes, according to a new report by MPs, launched today. Although the number of road accident casualties has fallen by 23 per cent in the past six years, the number of motor insurance injury claims has grown by 70 per [...]
70% of websites break EU credit rules
A pan-European investigation carried out in September 2011 revealed that 70 per cent of websites offering credit cards, loans and finance are failing to meet EU standards. The investigation, which followed a large number of customer complaints, looked at 562 websites across the 27 member states and found that 393 of the sites were failing [...]
AA reveals surge in motor insurance claims
Stormy weather caused the number of car insurance claims to shoot up by 28% in the first five days of the New Year, the AA has revealed. Many parts of the UK suffered winds of up to 90mph resulting in thousands of pounds worth of damage to vehicles. Cars were hit by an array of [...]
Pensions hit by low annuity rates
People who retire this year will be £3,000 worse off than those who retired four years ago because factors such as the credit crunch, the recession and the eurozone crisis have pushed down annuity rates to a record low. Annuity rates fell by eight per cent in 2011, which was the fourth consecutive year of [...]
UK faces stagnation but may escape recession
Britain’s economy stagnated in the final quarter of 2011 and is “very likely” to contract in the first half of 2012 according to the British Chambers of Commerce (BCC). The euro zone debt crisis caused the economy to stagnate in 2011 and it has failed to improve this year, with the survey suggesting that one [...]
Unrealistic house prices hamper market
Although more new houses were put up for sale in December, transactions were hampered by sellers asking too high a price for their properties, according to the Royal Institution of Chartered Surveyors (RICS). December saw the number of houses put up for sale increase for the third month in a row, especially in London where [...]
Post Office launches reward saver account
The Post Office has strengthened its range of savings products with a reward saver account offering 3 per cent interest and a notice period of only 30 days. If savers make a withdrawal without giving 30 days notice, they will lose 30 days interest on the amount withdrawn. The interest rate includes a 1.25% bonus [...]
Doorstep lenders lose 1.4 million customer records
Financial Services Limited and Shopacheck, which are both part of the Cattles Group, are writing to 1.4 million customers, warning them that back-up storage tapes containing their personal details have been lost. The storage tapes contained the names, addresses and payment histories of 600,000 customers and the names and addresses of another 800,000. They also [...]
New rules allow credit unions to expand
Credit unions which have previously had to restrict their services to a common group of members, such as residents of certain geographical area, will be able to expand under new legislation. While they were only allowed to offer services to individuals, changes to the Credit Unions Act means that they are now allowed to provide [...]
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