News Tag: HSBC
March 16, 2010
Consumer watchdog, the Office of Fair Trading (OFT), has today revealed UK banks may soon be offering customers the ability to opt out of unarranged overdraft facilities.
Should the procedure be put in place, it would mean consumers would avoid hefty fees if they slipped into the red.
The announcement comes as the OFT took legal action against banks regarding unauthorised overdraft ...
Consumers to benefit from overdraft opt-out
by Kay Murchie
March 11, 2010
HSBC has reunited customers with £10.4 million held in lost or forgotten bank accounts.
The bank, which started searching out owners for unclaimed funds in September 2008, said over 7,000 customers have been reunited with dormant accounts.
The average money in each account was £1,400.
People in London are the most forgetful about money left in bank accounts, with over £7 million still to be ...
HSBC reunites customers with £10.4 million
by David Masters
March 1, 2010
Surveys by the Chinese Government and HSBC have today revealed China's manufacturing activity continued to grow in February, albeit at a slower pace.
The HSBC China Manufacturing purchasing managers' index (PMI) dipped to 55.8 in February from 57.4 the previous month.
However, a reading above the crucial 50 mark means the sector is expanding.
In the meantime, manufacturing output grew for the 11th ...
China manufacturing continues to grow in February
by Kay Murchie
HSBC posts fall in pre-tax profits
by Kay Murchie
February 24, 2010
According to reports, banking giant HSBC has bowed to shareholder pressure and abandoned plans to raise its chief executive's salary.
The Financial Times said the bank had consulted shareholders on proposals to raise Michael Geoghegan's salary by 36% to £1.4 million ($2.2 million).
The FT also reported that the bank had planned to up the salary of Finance Director, Douglas Flint, from ...
HSBC scraps big rise for its CEO
by Kay Murchie
January 20, 2010
In an interview with Sky News, HSBC chief executive Michael Geoghegan has warned of the dangers of the new super tax, introduced by the Government to claw back some of the bailout funds used to rescue the banking industry.
The warning comes just a week after London Mayor, Boris Johnson, warned that high-earning bankers are leaving the capital because of the super ...
HSBC chief warns of super tax
by Kay Murchie
January 6, 2010
Banks are increasingly tempting their current account holders with mortgage offers, as they seek to become "one-stop shops" in financial services.
Research from financial products analyst, Defaqto, suggests the number of mortgage offers available exclusively to current account customers is on the rise.
According to the firm, Abbey offers free valuations and cash back on certain mortgages to their Abbey or ...
Lenders woo current account holders with mortgage offers
by Gill Montia
January 5, 2010
Euroclear, which is Europe’s largest settlements group, has today announced that Tim Howell will become the group’s chief executive officer.
Forty-nine-year-old Howell is currently the Global Head of HSBC Securities Services, where he is responsible for the custody, fund administration and corporate trust businesses of the HSBC Group.
He has been a member of the Euroclear board since 2007 and ...
HSBC’s Tim Howell to become CEO of Euroclear
by Kay Murchie
HSBC announces January sale
by David Masters
December 7, 2009
In a bid to boost circulation of the £5 note, the Bank of England has said it will urge major banks to increase the availability of £5 notes in their ATMs.
Fivers change hands quickly and, as a result, only last around a year before becoming too damaged to use. In comparison, the £50 note is usually in ...
ATMs to dispense more £5 notes in New Year
by Kay Murchie
November 3, 2009
One of the world’s largest telecommunications equipment suppliers, Nokia Siemens Networks, is to lay off almost 6,000 workers globally in a bid to cut annual costs by €1 billion.
The company, which is a joint venture between Finland's Nokia Corp. and Siemens AG of Germany, is struggling amid tough competition and the global recession which has hit ...
Nokia Siemens and Johnson & Johnson announce thousands of job losses
by Kay Murchie
Banking giant HSBC to eliminate 1,700 UK positions
by Kay Murchie
October 7, 2009
Stephen Green, chairman of Europe’s largest bank HSBC, said the banking industry "owes the real world an apology" for the financial crisis.
In an interview with the BBC, Mr Green who is also a Church of England priest, said: “I think the change in the public perception of the industry is entirely understandable. The banking industry has not covered itself in ...
HSBC chairman: Banking industry “owes an apology”
by Kay Murchie
October 5, 2009
Hopes of an end to the recession have been heightened by September data from the Chartered Institute of Purchasing and Supply.
New figures indicate that the UK service sector has grown at its fastest pace in almost two years, with the Institute's Purchasing Managers’ Index (PMI) turning in a better than expected performance and increasing to 55.3, up from ...
UK service sector shows fastest growth in two years
by Gill Montia
September 30, 2009
HSBC is boosting the UK mortgage market with extra cash for buyers with a 10% deposit.
The bank is promising to increase mortgage lending in this category by £500 million, taking its total commitment for 2009 to £1.5 billion.
The move will be particularly helpful to first-time buyers, many of whom have been excluded from the property market by fierce loan-to-value ...
HSBC ups lending for those with 10% deposit
by Gill Montia
September 29, 2009
Camera retailer Jessops has today secured a deal that will save the company.
The struggling retailer has been hit by a shift to digital photography and the economic downturn which has meant it has been fighting to survive.
The company, which trades from more than 200 stores in the UK, is undertaking a solvent restructure that will see its largest creditor HSBC, acquire ...
Camera retailer Jessops agrees rescue plan
by Kay Murchie
September 22, 2009
A new investment fund from HSBC gives savers the opportunity to benefit from the success - or lose out from the failure - of the world's leading fund managers.
HSBC said the World Selection fund is run by the people it believes are the best fund managers in the world.
Savers can only put money in a World Selection fund by investing an equivalent ...
HSBC launches high-risk investment fund
by David Masters
September 21, 2009
HSBC is targeting international students moving to the UK this September with its Passport current account.
Potential customers can open the account without providing proof of address such as utility bills, which can take months to get hold of.
The account - which costs £8 per month - includes a fully functional Visa debit card, and 24-hour access to money.
"Around 15 per cent of the ...
HSBC targets international students
by David Masters
Banks plan to phase out cheques
by David Masters
September 18, 2009
Homeowners are flocking to HSBC in droves following the launch of the bank's 1.99% fixed-rate mortgage.
Traffic on HSBC's mortgage website has doubled since the mortgage was announced, while calls to HSBC call centres have increased 78%.
"Since announcing the 1.99% deal we have seen a huge amount of interest from customers," said Martijn van der Heijden, HSBC head of mortgages.
Van der Heijden was ...
Homeowners flock to 1.99% mortgage
by David Masters
