CDE News - The Dispatch

HSBC to pay some UK staff 1500 pounds to combat cost of living crisis -memo

LONDON (Reuters) - HSBC will pay some of its British workforce a one-off payment of 1500 pounds ($1,830) to help deal with the cost of living crisis, according to a…

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HSBC confirms staff in China unit set up branch of Chinese Communist Party

LONDON, July 21 (Reuters) - HSBC Holdings Plc said employees had formed a branch of the Chinese Communist Party (CCP) within its securities brokerage unit in the country, following media reports on Thursday. HSBC…

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HSBC launches $1 bln lending fund for female entrepreneurs

SINGAPORE, May 12 (Reuters) - HSBC Holdings said on Thursday it was launching a $1 billion lending fund to invest in female-owned businesses over the next 12 months. The fund appears to be…

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HSBC and Ping An execs plan to discuss breakup proposal

SINGAPORE, May 4 (Reuters) - HSBC and Ping An executives plan to meet in mid-May to discuss the Chinese insurer's proposal that the bank should explore strategic options such as spinning off its Asian…

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HSBC launches $1 billion planned share buyback

LONDON, May 4 (Reuters) - HSBC has kicked off its planned $1 billion share buyback on Wednesday, as it seeks to redeploy excess capital and reward shareholders. The London-listed global lender has appointed…

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HSBC’s top shareholder calls for banking giant’s break-up – source

LONDON/SINGAPORE, April 29 (Reuters) - HSBC Holdings' HSBA.L largest shareholder, Chinese insurance giant Ping An 601318.SS, has called for a break-up of the London-based bank, a source familiar with the matter said on Friday. Ping…

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HSBC profit falls on credit charges as economic outlook worsens

HSBC's profit fell by less than expected in the first-quarter but Europe's biggest bank warned that more share buybacks were unlikely this year as rising inflation and economic weakness had…

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HSBC launches metaverse portfolio for wealthy Asian clients

SINGAPORE, April 6 (Reuters) - HSBC Holdings has launched a fund to capture investment opportunities in the metaverse for its rich clients in Hong Kong and Singapore as financial services companies tap into…

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HSBC steps up scrutiny of Russian clients worldwide as sanctions ratchet up

HSBC is shunning prospective Russian clients and declining credit to some existing ones, two sources with knowledge of the matter told Reuters, as the bank seeks to shield itself from…

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UPDATED: HSBC sells Greek bank branch business

LONDON, March 14 (Reuters) - HSBC HSBA.L announced on Monday it has agreed to sell its branch operations in Greece to local bank Pancreta Bank, as the lender further sharpens its focus on its…

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HSBC orders staff to drop Russian banks VTB, VEB

LONDON, Feb 28 (Reuters) - British bank HSBC HSBA.L is beginning to wind down relations with a host of Russian banks including the second-largest, VTB, according to a memo seen by Reuters, as financial…

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HSBC Malta reports €26.9m profit

Reported profit before tax for the year ended 31 December 2021 was €26.9m. This represents an increase of €16.4m or 157% compared to prior year. Adjusted profit before tax of…

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HSBC Appoints First Head of Sustainable Finance for Europe Commercial Banking

HSBC has appointed current Ireland CEO and Head of Banking Alan Duffy as its first Head of Sustainable Finance for Europe Commercial Banking. In his new role Alan will drive…

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HSBC and Wells Fargo use blockchain to settle forex trades

LONDON, Dec 13 (Reuters) - HSBC and Wells Fargo have begun using a blockchain platform to settle bilateral foreign currency (FX) trades in the latest sign of how technology which…

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HSBC exceeds China wealth hiring targets, explores India private banking re-entry

HSBC Holdings Plc is ahead of its hiring targets for its Chinese retail wealth management business and is exploring re-entering India's private banking business, senior executives said, as part of its…

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HSBC surprises with 74% rise in Q3 profit, announces $2 bln buyback

HSBC Holdings reported a surprise 74% rise in third quarter profit as concerns about pandemic-related bad loan receded, allowing it to announce a share buyback of $2 billion. HSBC however…

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HSBC and Microsoft join forces to support the new Feeding America Workforce Development Initiative

HSBC Bank USA announced that together with Microsoft Corp. will provide grants and resources to support Feeding America®, the nation’s largest domestic hunger-relief organization. The $350,000 two-year grant from HSBC…

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HSBC initiates legal proceedings against El Salvador claiming breach of treaty with UK

HSBC Holdings said the banking group has initiated legal proceedings against El Salvador for what the company called a breach of the nation's investment treaty with the UK. "HSBC Latin…

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Malta: Melvin Theuma asked for proof he owned Mosta flat used as safe house in HSBC heist

Melvin Theuma has been asked to show proof that he owned a Mosta flat allegedly used in the 2010 HSBC bank heist as a safehouse by the criminals. Theuma, the…

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HSBC takes $2.3 billion hit with sale of French retail bank

HSBC has agreed to sell its French retail bank to Cerberus-backed My Money Group in a deal which will mean a loss of around $2.3 billion for the British bank…

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Malta: Carmelo Abela dodges resignation questions in stormy parliamentary session

Minister Carmelo Abela on Wednesday ignored questions over whether he had offered to resign, following claims linking him to a failed HSBC Bank heist 11 years ago. Abela also said…

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HSBC says U.S. remains key market, following retail exit

HSBC said on Friday the United States remains key to its growth plans, a day after announcing the sale of its mass market retail U.S. banking business in a country…

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UPDATED: HSBC says to exit U.S. retail banking to focus on Asia

HSBC announced it is withdrawing from U.S. mass market retail banking by selling some parts of the money-losing business and winding down others, a long-awaited move as the lender steps…

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HSBC CEO says Bitcoin not for us

HSBC has no plans to launch a cryptocurrency trading desk or offer the digital coins as an investment to customers, because they are too volatile and lack transparency, its Chief…

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Maltese Editorials’ Perspectives

Times of Malta says that an upcoming census will be an essential tool for policymakers. The Independent says that Robert Abela is not taking action against Minister Carmelo Abela, who…

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HSBC to Raise Pay for Junior Staff in key hubs as Banks Battles Burnout

HSBC Holdings Plc’s global banking unit will raise fixed pay for junior investment bankers in key hubs and hire more of them to share the workload, becoming the latest global…

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HSBC pretax profit rises 79% on recovery from pandemic damage

HSBC Holdings PLC on Tuesday reported a significantly better-than-expected 79% rise in first quarter profit, as an improved economic outlook allowed the bank to release cash set aside against bad loans because of…

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EXCLUSIVE-HSBC moves more than 1,200 UK staff to permanent home working

LONDON, April 7 (Reuters) - HSBC is moving more than 1,200 staff in Britain to permanent working from home contracts, in one of the strongest indications yet of how banks…

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HSBC plans to nearly halve office space over long term – Malta subsidiary sees 66% drop in profit

International banking giant HSBC said that it plans to nearly halve its office space globally over the long term as part of a renewed cost-cutting drive set out on Tuesday, in…

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UPDATED: HSBC reshuffles senior management roles

HSBC is set to withdraw from U.S. retail banking, a source familiar with the matter told Reuters on Monday, as Europe's biggest bank seeks to dispose of a business that…

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Malta: HSBC Malta confirms introduction of criticized €5 fee

HSBC Malta will be introducing the much-criticsed Customer Account Fee. The bank announced that following an extended consultation period, it will be proceeding with the introduction of a monthly Customer…

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Ex-Hong Kong lawmaker says some bank accounts unfrozen, no longer trusts HSBC

HONG KONG (Reuters) - Former Hong Kong democracy lawmaker and activist Ted Hui, who fled to Britain after facing criminal charges, said some of his bank accounts had been unfrozen…

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HSBC considering complete exit from US retail banking

HSBC Holdings Plc is considering a complete exit from retail banking in the United States after narrowing the options for how to improve performance at its struggling North America business,…

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HSBC plc to accelerate plans to shrink in size and slash costs further

HSBC Holdings PLC signalled it would embark on a transformation of its business model, seeking to flip its main source of income from interest rates to fee-based businesses. It also…

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HSBC targets net zero emissions by 2050, earmarks $1 trln green financing

HSBC will target net zero carbon emissions across its entire customer base by 2050 at the latest, and provide between $750 billion and $1 trillion in financing to help clients…

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HSBC halts return to office plan in Britain

HSBC has paused its plan to return more staff to office working in Britain, in common with other financial firms after Prime Minister Boris Johnson on Tuesday urged workers to…

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UPDATED: HSBC, StanChart shares fall to 22-year lows on reports of illicit money flows

HSBC and Standard Chartered's Hong Kong shares dropped on Monday after media reports that they and other banks moved large sums of allegedly illicit funds over nearly two decades despite…

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HSBC accelerates 35,000 job cuts amid Covid-19 profit plunge

HSBC is to accelerate plans to cut 35,000 jobs globally after the Covid-19 crisis forced the bank to put aside another $3.8bn (£2.9bn) to cover bad debts. The London-headquartered bank…

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HSBC first-half profit plunges 65%, warns loan losses could hit $13 bln

HSBC Holdings PLC warned of rising bad debt charges and a falling core capital ratio after posting a higher-than-expected 65% tumble in first-half pre-tax profit as the coronavirus pandemic hit…

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HSBC denies Chinese media reports that it ‘framed’ Huawei

HSBC on Saturday denied Chinese media reports that it had "framed" Huawei Technologies and played a role in the arrest of the chief financial officer (CFO) of the world's biggest…

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HSBC to invest further in China amid political strife over Hong Kong law

HSBC Holdings Plc said on Friday it would make new investments in its wealth management and insurance operations in mainland China. The announcement comes at a time when the UK-headquartered…

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Employee union Unite says to oppose compulsory job losses at HSBC

Employee union Unite said it will oppose any compulsory job losses within HSBC and "work vigorously to ensure staff are heard and their jobs protected", after the bank dusted off…

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HSBC to resume cutting around 35,000 jobs

HSBC is resuming a massive redundancy plan it had put on ice after the coronavirus outbreak, and will cut 35,000 jobs over the medium term, a memo seen by Reuters…

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HSBC mulling significant restructuring, including sale or closure of Malta operations – FT

Updated with HSBC Bank Malta PLC Company Announcement International lender HSBC is looking at all possible options as it draws up the bank’s biggest restructuring process in its history. Before the…

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HSBC pauses worldwide job cuts despite pre-tax profit drop by 48%

International bank HSBC has paused a planned restructuring programme which would have included the termination of some 35,000 jobs around the world. The initiative had been announced this February, and…

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HSBC to push on with overhaul ‘wherever possible’

HSBC will press ahead with plans to shift capital from underperforming businesses, cut costs and strip out layers of management, despite problems caused by the coronavirus pandemic. Chief Executive Noel…

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HSBC is evacuates floor at Canary Wharf office tower after employee tests positive for Coronavirus

HSBC has evacuated a floor of its Canary Wharf office tower after an employee was confirmed to have caught coronavirus. The bank has sent 100 people home and ordered a…

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Malta needs to provide evidence that it is addressing its shortcomings – HSBC CEO – The Headlines – MaltaToday

Maltatoday’s midweek edition quotes HSBC Malta’s CEO Andrew Beane, who yesterday insisted that it was crucial that Malta to start providing evidence and clear outcomes in its efforts to address…

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HSBC to shrink operations, cut 35,000 jobs in radical overhaul

HSBC has revealed it will cut 35,000 jobs over the next three years as part of a widespread overhaul, HSBC has announced its most radical overhaul in years, unveiling plans…

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HSBC UK staff morale low in view of job cuts

Morale of the staff working at HSBC (in the UK) is low after its boss was ousted and staff prepare for a wave of job cuts, according to an internal…

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HSBC kicks off year with Hong Kong branches closed, vandalized

HSBC is being drawn into Hong Kong’s political turmoil with protesters attacking some of its branches and graffiti daubed on the famous pair of lions that guard its city-center headquarters.…

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HSBC Swiss unit to pay $192 million in US tax fine

The Swiss branch of HSBC's private bank has been fined almost CHF200 million by the US Department of Justice (DoJ) for having helped American clients evade tax between 2000 and 2010.…

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HSBC to bring in single overdraft rate of 40% for UK customers

HSBC is to bring in a single overdraft rate of 39.9% for UK customers from March 2020, as much as quadrupling the rate it charges some customers. However, the bank…

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HSBC set to replace investment banking chief

HSBC is planning to replace the long-serving head of its investment bank ahead of a big restructuring that will result in large-scale job losses at the unit he has…

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HSBC cut jobs in UAE as bank look to reduce costs

HSBC Holdings has laid off about 40 bankers in the United Arab Emirates (UAE) and Emirates NBD is cutting around 100 jobs, as banks in the Arab world’s second-biggest economy…

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HSBC restructuring plans fuel fears of job cuts

HSBC is planning to restructure its business after the banking giant said its performance in parts of Europe and the US was "not acceptable". Interim chief executive Noel Quinn said…

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HSBC warns of ‘challenging’ outlook as profit falls

HSBC saw an 18% drop in pre-tax profit during the third quarter, as the bank warned of challenges ahead. Europe's largest bank said profit before tax hit $4.8bn (£3.8bn) in…

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