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HSBC Holdings (0005)
21-02-2017, 04:03 PM.
Post: #31
RE: HSBC Holdings (0005)
HSBC Misses Profit Estimates on Revenue Drop, Deepens Cost Cuts

HSBC Holdings Plc’s fourth-quarter profit missed estimates on a surprise drop in revenue as the bank said it will boost cost-cutting measures and extend a stock buyback.

Adjusted pretax profit, which excludes one-time items, jumped 39 percent to $2.62 billion, Europe’s largest bank said in a statement on Tuesday. That missed the $3.78 billion average estimate of six analysts compiled by Bloomberg News. Removing the adjustments, HSBC reported a $3.4 billion pretax loss for the fourth quarter. The bank’s shares fell in Hong Kong by the most since November.

Chief Executive Officer Stuart Gulliver is battling five years of declining revenue as he pares back HSBC’s sprawling global footprint and reduces expenses. The bank increased its cost-cutting target by $1 billion to $6 billion of savings, while saying it faces more than $3 billion of revenue headwinds in 2017, including currency movements and record-low interest rates in the U.K.

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20-02-2018, 08:37 PM.
Post: #32
RE: HSBC Holdings (0005)
HSBC Says Swiss Bank Tax Probe Could Cost More Than $1.5 Billion

By Gavin Finch
February 20, 2018, 6:46 PM GMT+8

HSBC Holdings Plc said it could face penalties exceeding $1.5 billion stemming from multiple investigations into claims that its Swiss private bank unit helped clients evade paying taxes.

Authorities in the U.S., Belgium, Argentina, India, Spain and elsewhere are probing allegations of tax evasion or tax fraud, money laundering and unlawful cross-border banking solicitation at the Swiss private bank, HSBC disclosed in its annual report Tuesday. The bank paid the French government 300 million euros ($370 million) in November to settle allegations that it helped clients hide assets from local tax authorities.

HSBC has been dogged by a series of criminal investigations. Last month, the firm paid the Justice Department $100 million to settle allegations it had rigged clients’ currency transactions, part of a probe that led to the conviction of one former executive. The London-based bank had only just been released from a five-year deferred-prosecution agreement with the Justice Department for helping Mexican drug cartels launder money and breaching international sanctions by doing business with Iran.

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