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News Tag: HSBC

December 11, 2012

HSBC fined $1.92 billion by US authorities

by Jan Harris
HSBC fined $1.92 billion by US authorities
HSBC has received a record $1.9 billion (£1.2 billion) fine from US federal and state authorities after its poor money laundering controls allowed it to be used as a conduit for drug barons and nations on which sanctions had been imposed, including Iran. Following a multi-agency investigation HSBC was charged with violating sanctions by transferring billions of dollars for sanctioned nations ...




December 3, 2012

Nationwide lends £2.5 billion to first-time-buyers

by Jan Harris
Nationwide lends £2.5 billion to first-time-buyers
Nationwide Building Society lent £2.5 billion to 20,000 first time buyers in the first six months of 2012-13. This is double the amount it lent in the first half of the 2011-12 financial year and nearly as much as it lent to 24,000 first time buyers in the whole of the year. In proportion to its size, the building society would be ...




November 8, 2012

Banking chief calls for tougher safety measures for banks

by Jan Harris
Banking chief calls for tougher safety measures for banks
Andrew Haldane, the Bank of England's executive director for financial stability, has warned that the planned safety measures for banks need to be strengthened, the Independent reported. Speaking to the Parliamentary Inquiry into Banking Standards Mr Haldane said that the Vickers Report’s recommendation to ring-fence investment banking operations should be implemented fully. He also said that banks which ...




October 5, 2012

HSBC to close UK Islamic banking operations

by Jan Harris
HSBC to close UK Islamic banking operations
HSBC Holdings is planning to stop offering Islamic financial services in the UK as part of a global restructuring strategy which will see non-core businesses shut down. Along with the UK, it is closing its Islamic banking operations in United Arab Emirates, Bahrain, Bangladesh, Singapore and Mauritius. HSBC will offer Islamic banking only in Malaysia, Saudi Arabia and Indonesia after the streamlining, ...




July 19, 2012

UK trade minister drawn into HSBC money laundering scandal

by Jan Harris
UK trade minister drawn into HSBC money laundering scandal
UK trade minister, Lord Green, will have to answer some "serious questions" over HSBC’s involvement in money laundering, Chris Leslie, the shadow financial secretary to the Treasury, said. Lord Green was chief executive of HSBC from 2003 and 2006, and was chairman until 2010 when he resigned to become part of the coalition government. A year-long investigation by the ...




June 8, 2012

M&S confirms in-store bank rumours

by Jan Harris
M&S confirms in-store bank rumours
Marks and Spencer has confirmed rumours that it is launching a new high street bank in partnership with HSBC. The retailer announced today that it will open 50 in-store bank branches as an extension of its existing M&S Money joint venture with HSBC. M&S bank will offer current accounts, mortgages, and other financial products and each branch will keep the same opening hours as ...




June 7, 2012

Marks & Spencer bank rumours growing

by Jan Harris
Marks & Spencer bank rumours growing
Rumours are growing that Marks & Spencer is planning to open its own chain of bank branches within its stores. The branches would be likely to keep the same opening hours as the stores, offering banking services at the weekend. The first branch is expected to open next month, at the retailer's Marble Arch store in London, according to Retail Week ...




January 20, 2012

HSBC to lend £15bn in mortgages this year

by Jan Harris
HSBC to lend £15bn in mortgages this year
HSBC has announced plans to lend more than £15 billion in mortgages this year, with £3m of this ring-fenced for first-time buyers. This should provide mortgages for up to 150,000 home buyers during 2012, including 27,000 people buying their first home. The sum amounts to 11 per cent of all the mortgage borrowing predicted for 2012 and represents HSBC’s ...




December 9, 2011

HSBC extends compensation to more NHFA customers

by Jan Harris
HSBC extends compensation to more NHFA customers
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 to pay. NHFA mis-sold the ...




December 5, 2011

HSBC mis-sold bonds to elderly investors

by Jan Harris
HSBC mis-sold bonds to elderly investors
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 sold between 2005 and 2010, to ...




November 24, 2011

HSBC launches sub-4% mortgage for first-time buyers

by Jan Harris
HSBC launches sub-4% mortgage for first-time buyers
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 between 10 and 15 per ...




November 15, 2011

Houseowners must save to climb property ladder

by Jan Harris
Houseowners must save to climb property ladder
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 buyers now need to either save ...




November 9, 2011

HSBC could exit Britain under new rules

by Jan Harris
HSBC could exit Britain under new rules
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 years, but may move them ...




September 8, 2011

HSBC planning 3,000 jobs in Hong Kong

by Kay Mitchell
”HSBC
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, has a global workforce of 335,000 worldwide, ...




September 2, 2011

China manufacturing activity improves in August

by Kay Mitchell
”China
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, which separates growth from contraction. Secondly, the ...




August 10, 2011

HSBC offloads US credit card division in $32.7bn deal

by Kay Mitchell
”HSBC
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 the next two years. The ...




August 2, 2011

Barclays profits fall, cuts jobs

by Kay Mitchell
”Barclays
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 the bank’s performance, despite describing the economic environment as ...




August 1, 2011

China manufacturing growth slows further

by Kay Mitchell
”China
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 to 49.3 from June’s reading of 50.1 – the ...




HSBC to reduce headcount by 25,000

by Kay Mitchell
”HSBC
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 majority of the 25,000 job losses will be ...




July 28, 2011

Credit Suisse to reduce headcount by 2,000

by Kay Mitchell
”Credit
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 768 million (£570 million) in the second ...