Monday, 17 January 2022

Tag Archives: HSBC

HSBC to cut up to 10,000 jobs

LONDON: HSBC Holdings Plc is planning to cut up to 10,000 jobs, more than 4pc of its workforce, as interim Chief Executive Officer Noel Quinn seeks to reduce costs across the banking group, the Financial Times reported on Sunday. The plan represents the lender’s most ambitious attempt in years to ...

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HSBC pre-tax profit up 16pc at $19.9bn in 2018

HONG KONG: Banking giant HSBC said on Tuesday that pre-tax profit rose 16 percent to $19.9 billion last year with growth across its global businesses despite a “challenging external environment in the fourth quarter”. Adjusted pre-tax profit also rose 3 percent year-on-year to $21.7 billion following the appointment of new ...

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HSBC in $100 million forex fraud settlement

NEW YORK: HSBC Holdings on Thursday agreed to pay $101.5 million (£73 million) to settle a U.S. criminal probe into the rigging of currency transactions, which has already led the conviction of one of its former bankers. The payment includes a $63.1 million fine plus $38.4 million in restitution to ...

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HSBC set free from deferred US criminal charges

LONDON: The US Department of Justice has given HSBC a significant boost by dismissing the deferred criminal charges that have been hanging over the bank since it was fined for money laundering and sanctions breaches five years ago. The decision by the DoJ lifts the threat of criminal prosecution that ...

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Asia pivot helps HSBC post jump in third quarter pretax profit

HONG KONG: HSBC on Monday signaled its pivot to Asia was paying rich dividends as quarterly profits leapt five-fold, laying a foundation for its new leadership to plan for growth after a tough period of post-crisis restructuring. HSBC earlier this month chose veteran John Flint as its next chief executive, ...

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FBI, UK Serious Fraud Office start investigating Gupta family

JOHANNESBURG: The long arm of the law is finally catching up with South Africa’s crony capitalist Guptas and their network of criminality and corruption. FBI has launched a probe into the family, focusing on nephews of the Gupta brothers: Ashish and Amol Gupta. Both are US citizens which opens them ...

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HSBC names John Flint as new chief executive

LONDON: Banking giant HSBC has named John Flint, current head of retail banking and wealth management, as its new boss. Mr Flint, who takes over from outgoing chief executive Stuart Gulliver, will start his new role next February. The move sees Europe’s biggest bank once again promote a company insider ...

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Aviva signs 10-year distribution deal with HSBC

LONDON: Aviva has entered into a 10-year distribution deal with HSBC in what the insurer says is one of the largest transactions of its kind signed in the UK. Mark Wilson, the insurer’s chief executive, said the agreement would generate hundreds of millions of pounds of premiums for Aviva, and ...

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HSBC profits rise as it prepares for UK ringfence

LONDON: A third share buyback in a year by HSBC underlined progress in the turnaround plan for Europe’s biggest bank, with profit also growing by 5 percent in the first half of 2017. The news sent HSBC shares up three percent to a four-year high of 764 pence each in ...

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HSBC shares slide after 62% profit fall

LONDON: Shares in HSBC have fallen after the bank reported a steeper-than-expected fall in annual profits. It reported a $7.1bn (£5.7bn) pre-tax profit for 2016, down 62% on the $18.9bn reported a year earlier. HSBC attributed the fall to a string of one-off charges, including the sale of its operations ...

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