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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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05-08-2019, 05:35 PM.
Post: #33
RE: HSBC Holdings (0005)
HSBC to cut 2 per cent of its workforce as lender looks to reduce costs
* Lender is looking to trim its wage costs by 4 per cent in 2019
* HSBC expects severance costs of US$650 million to US$700 million over the course of the year

Chad Bray  
Published: 4:57pm, 5 Aug, 2019

HSBC said it plans to slash as much as 2 per cent of its workforce as the lender looks to reduce its costs in a more challenging market environment.

As of June 30, the bank, which is based in London, but generates more than half of its revenue in Asia, employed about 238,000 people worldwide.

As part of its second quarter results, the bank said that it had set aside severance costs of US$248 million in the first half of the year related to its efforts to cut costs. The company said it plans for severance costs of US$650 million to US$700 million over the course of the year, equivalent to about 2 per cent of its workforce.

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07-10-2019, 05:48 PM.
Post: #34
RE: HSBC Holdings (0005)
HSBC to cut up to 10,000 jobs in drive to slash costs: FT

Reporting by Shubham Kalia and additional reporting by Rama Venkat in Bengaluru; Editing by Daniel Wallis and Louise Heavens
OCTOBER 7, 2019 / 3:21 AM

(Reuters) - HSBC Holdings Plc (HSBA.L) is planning to cut up to 10,000 jobs, more than 4% 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 cut costs, the newspaper said here citing two people briefed on the matter. It said the cuts will focus mainly on high-paid roles.

HSBC declined to comment on the FT report.

The bank had 237,685 full-time employees at the end of June 2019, according to its 2019 interim report.

HSBC could announce the beginning of the latest cost-cutting drive and job cuts when it reports third-quarter results later this month, the FT said, citing one person briefed on the matter.

Quinn became interim CEO in August after the bank announced the surprise departure of John Flint, saying it needed a change at the top to address “a challenging global environment.”

Flint’s exit was a result of differences of opinion with chairman Mark Tucker over topics including approaches to cutting expenses, a person familiar with the matter told Reuters in August.

Any job cuts implemented as part of the latest plan would come on top of the redundancies announced earlier, the FT said.

HSBC said it would be laying off about 4,000 people this year, and issued a gloomier business outlook due to an escalation of a trade war between China and the United States, an easing monetary policy cycle, unrest in its key Hong Kong market and Brexit.

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