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
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
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 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 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
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 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
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 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'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
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
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
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
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 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