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  1. Business - Banking & Finance

    British banks face yet more bills, this time for poor advice to customers

    Posted Nov 05th 2013, 10:39am by Reuters

    ... Reuters in London HSBC has set aside US$149 million to review how it advised about 200,000 British customers on investing a lump sum of money, the first British bank to do so and signalling another potential costly mishap for lenders. HSBC chief executive Stuart Gulliver said on Monday about US$120 million of the money set aside will pay for the cost of its review, indicating ...

  2. Business - Economy

    China manufacturing hits six-month high, boosting signs of turnaround

    Posted Sep 23rd 2013, 10:05am by Reuters

    ... to recent signs of a tentative turnaround in the world’s second-largest economy. The flash HSBC Purchasing Managers’ Index (PMI) climbed to 51.2 last month from August’s 50.1, hitting a high ... in August, comfortably surpassing expectations. Exports also fared better than expected last month, as sales to southeast Asia and the United States boosted performance Qu Hongbin, a HSBC economist, ...

  3. HSBC sets aside US$3.29b for US finance unit

    Posted May 13th 2008, 12:00am by Staff Reporter

    ... in the first quarter from 11.2 per cent, while other consumer lending rose to 5 per cent from 4.2 per cent. HSBC Finance has restructured 1,500 housing loans with an aggregate balance of about US$270 ... Maria Chan HSBC Holdings made an impairment charge of US$3.29 billion for its consumer finance unit in the United States in the first quarter but the management stopped short of saying ...

  4. HSBC may boost region's workforce 5pc despite cuts

    Posted Feb 29th 2012, 12:00am

    ... in Hong Kong. 'HSBC is not intending to achieve a reduction of jobs. What we are doing is to make sure we have the right staff,' Wong said yesterday. 'The restructuring is a global ... Enoch Yiu enoch.yiu@scmp.com HSBC, which has come under fire from trade unions over its lay-off plans, may add up to 5 per cent to its headcount in Asia-Pacific by 2013, says Asia-Pacific ...

  5. HK won't be spared as bank cuts jobs

    Posted Aug 03rd 2011, 12:00am

    ... in the US, the crisis in the euro zone and uncertainty in the Middle East. Despite reporting better-thanexpected first-half profit of US$11.1 billion, HSBC is continuing with restructuring plans ... Lulu Chen lulu.chen@scmp.com HSBC staff in the Asia-Pacific region, including Hong Kong, may not be spared as the bank cuts 30,000 jobs. Chief executive Stuart Gulliver warned yesterday ...

  6. China the key to HSBC's success

    Posted Mar 09th 2012, 12:00am

    ... HSBC says the worst is nearly over for the restructuring of its operations in Hong Kong. Generally that is true for the bank as a whole. Most of its woes from the financial crisis stemmed from the US$15.5 billion purchase of a US subprime retail mortgage lender responsible for accumulated losses of US$50 billion. HSBC has been running this business down to the extent ...

  7. HSBC seeks to sell general insurance unit

    Posted Sep 29th 2011, 12:00am

    ... of the bank's restructuring plan. At HSBC's investor strategy day in London in May, chief executive Stuart Gulliver said he would sell non-core businesses as well as close loss-making businesses ... Enoch Yiu enoch.yiu@scmp.com HSBC Holdings is approaching a number of European and Japanese insurers in an attempt to sell its worldwide general insurance business, according to people ...

  8. Business - Banking & Finance - EARNINGS

    Standard Chartered scales back double-digit growth goal

    Posted Aug 06th 2013, 05:33pm by KANIS LI

    ... to the sharp sell-off of shares in arch-rival HSBC, which lost about 5 per cent after reporting pre-tax profits that just missed analysts' forecasts on the same broad combination of slowing economic growth and restructuring charges. "A number of investors in London switched their investments to StanChart from HSBC," said a London-based analyst who declined to be named ...

  9. HSBC staff plan to take sick leave in job protest

    Posted Jan 20th 2012, 12:00am

    ... of the 550 HSBC employees interviewed said they had suffered from anxiety since the bank announced a global restructuring plan last year. Eighty-five per cent said they would not be able to make ends ... positions hit the hardest. In a brief statement yesterday, HSBC said it noted the results of the survey. On its global restructuring plan, the bank said: 'We know this is stressful for impacted ...

  10. Business - Banking & Finance - BANKING

    Expectations high as results season begins for banks

    Posted Feb 26th 2013, 12:00am by KANIS LI

    ... and a better capital position after a HK$3.3 billion private placement to its shareholder, the Japanese bank Sumitomo Mitsui, in December. BEA's bigger competitor, HSBC, is scheduled to post its results on March 4. After 46 sales of assets and closures of businesses globally since 2011, HSBC is now a more streamlined business, and the challenge for HSBC's chief executive, Stuart ...




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