Stuart Gulliver

Mr Gullible presents a distorted picture

HSBC chief Stuart Gulliver

I have had an aversion to meetings that begin with videos ever since Shui On chairman Vincent Lo Hong-sui forced a group of investment managers I was leading around town years ago to sit through two videos in a row on his corporate theme - Jonathan Livingstone Seagull, a 1970s New Age mascot.

Tuesday, 28 May, 2013, 3:14am 2 comments

HSBC still set on hiring more Hong Kong staff despite job cuts

HSBC bank

Despite plans by HSBC to cut staff globally by up to 5.5 per cent over the next three years, the bank still intends to hire people in Hong Kong, chief executive Stuart Gulliver told shareholders in the city yesterday.

21 May 2013 - 4:09am

For HSBC, the first love is apparently not the deepest

Bank of Shanghai may have been HSBC's original mainland partner, but Stuart Gulliver seems happy to snub it for a more recent tie-up. Photo: AP

Remember that old saying: in business, there are no friends, no enemies, but only "interests"? Well, last week, HSBC's chief executive, Stuart Gulliver, gave the saying fresh meaning when talking about his bank's two partners in China.

20 May 2013 - 7:12am 1 comment

HSBC to cut 14,000 staff worldwide in cost-cutting push

HSBC has already achieved US$4 billion (HK$31.0 billion) of annualised sustainable cost savings, and plans another US$2 billion to US$3 billion (HK$15.5 billion to HK$23.3 billion) in cost savings between next year and 2016. Photo: SCMP

HSBC will slash 14,000 more jobs worldwide to save an extra US$2-to-US$3 billion in costs by 2016 as the bank strives to revive profits in the face of fragile growth prospects for the industry.

16 May 2013 - 5:48am 4 comments

HSBC's Gulliver becomes poster boy for Brobdingnagian bonuses

Stuart Gulliver. Photo: Bloomberg

HSBC just announced disappointing results for 2012, a year full of bad news for the global bank founded in Hong Kong and Shanghai. Despite bad results, chief executive Stuart Gulliver still secured a bonus of £1.95 million (HK$22.7 million) for last year. His total compensation came to HK$109 million, including the release of deferred bonuses from previous years. For comparison, Gulliver's total compensation in 2011 was HK$82 million.

14 Mar 2013 - 2:34pm 1 comment

A Good Week for … , March 10, 2013

Stuart Gulliver

Stuart Gulliver has overseen a turbulent year for the bank, which was forced to pay out US$1.9 billion in fines and penalties to settle US money-laundering accusations. 

10 Mar 2013 - 2:52am

HSBC executives cash in shares worth HK$46m

HSBC Group finance boss Iain Mackay, chair Douglas Flint and chief executive Stuart Gulliver.

HSBC plans to raise its dividends in the first three quarters this year, but its three top executives are not waiting to reap the full benefit of this move. Chief executive Stuart Gulliver, chairman Douglas Flint and finance director Iain Mackay sold shares worth a total of £4 million (HK$46.6 million) on Monday.

9 Mar 2013 - 5:43am

HSBC profits take 6pc dip, but chief executive pockets HK$22m bonus

HSBC profits take 6pc dip, but chief executive pockets HK$22m bonus.

Chief executive Stuart Gulliver will take home a 33 per cent larger pay packet. And shareholders of the global banking group will get 11 per cent higher dividends for the three upcoming quarters.

5 Mar 2013 - 5:54am

HSBC share price rises as it settles criminal probe for US$1.92 billion

The price of HSBC shares edged up by 0.3 per cent to HK$79.70 yesterday in Hong Kong.

HSBC Holdings has agreed to pay US$1.92 billion in fines to resolve a lengthy criminal investigation by US authorities into money laundering and terrorist financing, a record bank penalty.

12 Dec 2012 - 4:18am

HSBC says sorry for 'shameful mistakes'

HSBC's top executives apologised yesterday for the 'shameful' mistakes made concerning the bank's lax anti-money laundering controls.

It set aside US$2 billion to cover the cost of US investigations and compensate UK customers who were mis-sold insurance.

31 Jul 2012 - 12:00am

Fuming HSBC closer to shifting its HQ

Stricter capital rules in Britain could push HSBC a step closer to shifting its headquarters out of London, with chief executive Stuart Gulliver fuming yesterday at proposed rules which, he said, would cost the bank an extra US$2.1 billion a year.

10 Nov 2011 - 12:00am

Cost-cutting plan does little for HSBC shares

Investors have snubbed HSBC's multibillion-dollar cost-cutting plan, with the announcement failing to push up the price of its long-underperforming shares.

HSBC shares closed at HK$81 on Friday after trading between HK$80.55 and HK$83.05 in the days since the lender unveiled on May 11 its biggest cost-slashing plan. On May 9, the shares closed at HK$84.

22 May 2011 - 12:00am

Gulliver's travels to miss city

For HSBC chief executive Stuart Gulliver, the challenge of containing costs in other parts of the global bank will keep him from making Hong Kong his home.

Although HSBC moved the office of its chief executive from London to Hong Kong in January last year, the suite of offices at the headquarters in Central has been mostly empty for the past four months.

16 May 2011 - 12:00am

New strategy no quick fix for HSBC's stagnating share price

HSBC has a problem. Its shares are trading at almost exactly the same price as 10 years ago. In fact it's even worse than that. As the first chart below shows, the banking giant's share price is no higher today than it was at the outbreak of the Asian financial crisis in 1997 - almost 14 years ago.

12 May 2011 - 12:00am

HSBC unveils plan to cut annual costs by US$3.5b

HSBC has embarked on a multibillion-dollar cost-cutting plan as part of a strategy to jettison loss- making businesses and lift its beleaguered share price.

12 May 2011 - 12:00am