Banking giant HSBC has this weekend confirmed several boardroom changes after days of speculation. The bank, which is Europe’s largest, confirmed that its chief executive, Michael Geoghegan, will be replaced by investment banking chief Stuart Gulliver. Meanwhile, outgoing chairman Stephen Green (who is moving on to take up the post of trade minister with the [...]
There is speculation that HSBC’s chief executive, Michael Geoghegan, will step down at the end of the year. The report comes shortly after 56-year-old Geoghegan was reported to have threatened to leave the bank if he was not promoted to chairman. However, HSBC, which is Europe’s largest bank, dismissed the claim as “offensive” and “nonsense”. [...]
According to Sky News, banking giant HSBC has dismissed claims that chief executive, Michael Geoghegan, has threatened to leave the bank if he is not promoted to chairman. The bank, which is Europe’s largest, dismissed the claim as “offensive” and “nonsense”. Earlier today, a source familiar with the matter told the Financial Times that Mr [...]
HSBC’s chief executive, Michael Geoghegan, has threatened to leave the bank if he is not promoted to chairman. According to the Financial Times, a person familiar with the bank’s succession plan, said: “He [Geoghegan] was told the board was not ready to give him the chairmanship and he was not happy.” Earlier this month, it [...]
Europe’s largest bank, HSBC, has today said pre-tax profits fell to $7.07 billion (£4.6 billion) last year compared with $9.3 billion in the previous year. The banking giant said loan impairments charges and other credit provisions were $26.5 billion in 2009 – a rise of 9% compared with the previous year. Stephen Green, chairman of [...]
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 [...]
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 [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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