Tag: HSBC

HSBC extends compensation to more NHFA customers

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 [...]

December 9, 2011 | 0 Comments More
HSBC mis-sold bonds to elderly investors

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 [...]

December 5, 2011 | 0 Comments More
HSBC launches sub-4% mortgage for first-time buyers

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 [...]

November 24, 2011 | 0 Comments More
Houseowners must save to climb property ladder

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 [...]

November 15, 2011 | 0 Comments More
HSBC could exit Britain under new rules

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 [...]

November 9, 2011 | 0 Comments More
HSBC planning 3,000 jobs in Hong Kong

HSBC planning 3,000 jobs in Hong Kong

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, [...]

September 8, 2011 | 0 Comments More
China manufacturing activity improves in August

China manufacturing activity improves in August

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, [...]

September 2, 2011 | 0 Comments More
HSBC offloads US credit card division in $32.7bn deal

HSBC offloads US credit card division in $32.7bn deal

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 [...]

August 10, 2011 | 0 Comments More
Barclays profits fall, cuts jobs

Barclays profits fall, cuts jobs

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 [...]

August 2, 2011 | 0 Comments More
China manufacturing growth slows further

China manufacturing growth slows further

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 [...]

August 1, 2011 | 0 Comments More
HSBC to reduce headcount by 25,000

HSBC to reduce headcount by 25,000

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 [...]

August 1, 2011 | 0 Comments More
Credit Suisse to reduce headcount by 2,000

Credit Suisse to reduce headcount by 2,000

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 [...]

July 28, 2011 | 0 Comments More
HSBC to reduce headcount by 10,000

HSBC to reduce headcount by 10,000

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 [...]

July 28, 2011 | 0 Comments More
China manufacturing growth slows further

China manufacturing growth slows further

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 [...]

July 1, 2011 | 0 Comments More
Chinese manufacturing slows in May

Chinese manufacturing slows in May

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, [...]

June 1, 2011 | 0 Comments More
HSBC faces shareholder backlash over pay

HSBC faces shareholder backlash over pay

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 [...]

May 28, 2011 | 0 Comments More
HSBC unveils cost-cutting measures

HSBC unveils cost-cutting measures

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 [...]

May 11, 2011 | 0 Comments More
HSBC reports rise in net profit

HSBC reports rise in net profit

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 [...]

May 9, 2011 | 0 Comments More
Chinese manufacturing picks up in March

Chinese manufacturing picks up in March

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 [...]

April 1, 2011 | 0 Comments More
RBS discloses pay details for 323 key staff

RBS discloses pay details for 323 key staff

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 [...]

March 18, 2011 | 0 Comments More