HSBC Holdings has appointed Stuart Levey as chief legal officer. A graduate of Harvard College and Harvard Law School, Mr Levey will be based in London and report to group chief executive, Stuart Gulliver. Richard Bennett, group managing director and group general counsel, will work with him until retiring from HSBC at the end of [...]
Despite banks being blamed for our economic woes, their retail customers are happier with the service they receive than a year ago, according to the J D Power and Associates 2011 UK Retail Banking Satisfaction Study. HSBC’s First Direct takes first place with a score of 774, followed by The Co-operative Bank (734) and Nationwide [...]
HM Revenue & Customs (HMRC) says it will shortly begin writing to UK residents and organisations holding Swiss bank accounts with HSBC in Geneva. Those targeted are unlikely to have reported all their income and gains to the Revenue, which is acting on information received last year indicating that over 6,000 UK individuals, companies, and [...]
HSBC is to shed 3,000 jobs from its Hong Kong offices over a three-year period, Reuters has reported. Last month, the group confirmed that it is targeting cost savings of between $2.5 billion and $3.5 billion by 2013, and has begun restructuring its Latin American, US, UK, French and the Middle Eastern operations. Around 30,000 [...]
Capital One is acquiring HSBC’s US credit card business for approximately $2.6 billion. The transaction includes a credit card portfolio of around $30 billion, ongoing private label and co-branded partnerships plus infrastructure and capabilities that should enhance Capital One’s partnership platform for future growth. The group will be raising approximately $1.25 billion of fresh capital [...]
Martijn Van der Heijden, head of lending at HSBC, becomes chairman of the Council of Mortgage Lenders (CML) today, replacing Colin Walsh who has vacated the post due to his forthcoming departure from Lloyds Banking Group. Mr Van der Heijden worked at HBOS and Santander before joining HSBC in 2007 and has been deputy chairman [...]
HSBC has reported pre-tax profit of $11.5 billion for the first half of 2011, with the figure up 3% compared with a year earlier and showing a 45% rise on the previous six-month period. The group’s loan impairment and other credit risk provisions stood at $5.3 billion, down 30% on a year earlier and falling [...]
HSBC has agreed to sell 195 retail branches, primarily in Upstate New York, to First Niagara Bank, for around $1 billion. The consideration is equal to a premium of 6.67% of the deposits to be transferred. Branches involved in the transaction will remain open for business throughout and will continue to offer all products and [...]
HSBC France has unveiled a strategic plan aimed at accelerating growth and achieving a return on equity in line with the group’s target of 12% to 15%. The bank intends to focus on: wealth management for personal customers; bolstering international connectivity for business customers and developing its global banking and markets platform as a strategic [...]
The UK’s five-largest High Street banks have launched a mentoring scheme for small and medium-sized enterprises. Set up by Barclays, HSBC, RBS, Lloyds and Santander, the scheme will offer support on a range of issues, from finance to marketing and HR. Firms will receive support from networks of mentors, including current and retired bank staff. [...]
HSBC announced 840 job losses yesterday, alongside Lloyds Banking Group’s plans to reduce staff numbers by 15,000, as its implements its long-awaited strategic review. Trade union, Unite, says the HSBC cuts will generate savings of around £9 million for the bank, or the equivalent to the bonus for chief executive, Stuart Gulliver, due to be [...]
HSBC has appointed Simon Williams as group head of wealth management, effective 11 July 2011. Based in Hong Kong, Mr Williams will be responsible for leading the development of the bank’s retail wealth management business, reporting to Paul Thurston, chief executive, retail banking and wealth management. Joining from Camelot Financial Capital Management, which he founded [...]
HSBC and other depositories have agreed with the Financial Services Authority (FSA) to set up a £54 million package for investors in the CF Arch cru Investment Funds and the CF Arch cru Diversified Funds. Dealings in the funds were suspended on 13th March 2009 on grounds of insufficient liquidity and agreement has now been [...]
HSBC has agreed to pay $62.5 million to settle claims against the group and other defendants, in a class action pending in the US on behalf of investors in the Thema International Fund. The Fund’s assets were invested with a securities firm run by fraudster, Bernard Madoff. According to HSBC, the settlement should not be [...]
