HSBC announce major cost-cutting drive including job losses as pre-tax profits top £25bn
1 month, 1 week ago

HSBC announce major cost-cutting drive including job losses as pre-tax profits top £25bn

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The UK’s largest bank confirmed its plans to make cost reductions as it revealed a pre-tax profit of $32.3bn for 2024 on Wednesday in its annual results. Group chief executive Georges Elhedery said the group is “not tracking headcount reduction” and is instead focusing on lowering costs. open image in gallery HSBC, which is the UK’s largest bank, is set to publish its annual results on Wednesday Details of the staff cuts came as HSBC also revealed in its annual report that it plans to increase Mr Elhedery’s total potential annual pay package to £15.3m for 2025 – or even £19.8m for 2025, if the bank’s shares rise by 50 per cent. We are creating a simple, more agile, focused bank built on our core strengths.” open image in gallery HSBC is undergoing a major overhaul of its global structure He continued: “I have put in place a smaller, core team of exceptionally talented leaders driven by a growth orientated mindset and a firm focus on dynamically managing our costs and capital.

Bank Cent Annual Hsbc  sign  overhaul  costcutting  profits  losses  annual  announce  drive  global  costs  pretax  cent  job  major  bank  group  plans  including  hsbc

History of this topic

HSBC Focuses on ‘Jewel of the Crown’ After Investment-Bank Cuts
1 week, 2 days ago

HSBC Focuses on ‘Jewel of the Crown’ After Investment-Bank Cuts

Live Mint  

-- HSBC Holdings Plc’s US operation is zeroing in on what it sees as key investment-banking units after getting out of mergers and acquisitions and equity capital markets in the region. “We can support clients in financing — that’ll be debt capital markets and leveraged finance — and the global transaction banking,” a business where clients are supported with payments …

HSBC Places Some Bankers on Short-Term Retention Amid Overhaul
2 weeks ago

HSBC Places Some Bankers on Short-Term Retention Amid Overhaul

Live Mint  

-- HSBC Holdings Plc is placing some of its investment bankers on short-term retention agreements as it winds down various businesses in a broad overhaul led by new Chief Executive Officer Georges Elhedery, according to people familiar with the matter. In some cases, the bankers are on three- to six-month work arrangements to finish client mandates across Europe, Asia and …

HSBC Sees $1.8 Billion Cost Over Two Years in Elhedery Revamp
1 month, 1 week ago

HSBC Sees $1.8 Billion Cost Over Two Years in Elhedery Revamp

Live Mint  

-- HSBC Holdings Plc expects $1.8 billion in costs over the next two years as it embarks on a global restructuring program that has seen the lender shutter some of its businesses and slash management ranks. Reporting fourth-quarter pretax profit of $2.3 billion that beat estimates, Europe’s largest bank also said it expected to cut expenses by $1.5 billion a …

HSBC set to unveil bigger profits as cost-cutting overhaul in focus
1 month, 1 week ago

HSBC set to unveil bigger profits as cost-cutting overhaul in focus

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy HSBC is set to unveil …

HSBC to wind down parts of investment banking units in UK, Europe and US
1 month, 3 weeks ago

HSBC to wind down parts of investment banking units in UK, Europe and US

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy HSBC is to shut down …

HSBC to start cutting top banker roles as it reveals jump in profit
4 months, 3 weeks ago

HSBC to start cutting top banker roles as it reveals jump in profit

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy HSBC has said it will …

HSBC reports nearly one billion jump in pre-tax profit in third quarter results
4 months, 3 weeks ago

HSBC reports nearly one billion jump in pre-tax profit in third quarter results

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Banking giant HSBC has recorded …

HSBC boss bows out with forecast-beating results and more returns for investors
7 months, 3 weeks ago

HSBC boss bows out with forecast-beating results and more returns for investors

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. After delivering record profits in 2023, we had another …

HSBC boasts ‘strong profit performance’ for first half of 2024
7 months, 3 weeks ago

HSBC boasts ‘strong profit performance’ for first half of 2024

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Banking giant HSBC has recorded …

HSBC group chief executive Noel Quinn to retire from role
10 months, 3 weeks ago

HSBC group chief executive Noel Quinn to retire from role

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy HSBC group chief executive Noel …

UK banks set to report lower earnings as they retreat from 2023 highs
11 months, 1 week ago

UK banks set to report lower earnings as they retreat from 2023 highs

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The UK’s biggest high street …

HSBC reports 'record profit' of $30.3 billion in 2023
1 year, 1 month ago

HSBC reports 'record profit' of $30.3 billion in 2023

Hindustan Times  

HSBC said Wednesday it achieved "record profit" in 2023 as pre-tax gains soared by nearly 80 percent, with the banking giant also announcing further share buybacks. "Our record profit performance in 2023 enabled us to reward our shareholders with our highest full-year dividend since 2008," said chief executive Noel Quinn. HSBC said the profits included a "favourable year-on-year impact" of …

HSBC full-year profit jumps 78% thanks to record high gain on interest rates
1 year, 1 month ago

HSBC full-year profit jumps 78% thanks to record high gain on interest rates

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy HSBC has reported a 78% …

Banks under fire as HSBC profits surge while borrowers are squeezed
1 year, 7 months ago

Banks under fire as HSBC profits surge while borrowers are squeezed

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy MPs and activists have criticised …

Boost for HSBC as profits surge to £10.3bn ahead of AGM battle
1 year, 10 months ago

Boost for HSBC as profits surge to £10.3bn ahead of AGM battle

Daily Mail  

HSBC was given a boost yesterday as it reported a surge in first-quarter profits and won the backing of a major investor ahead of an AGM battle later this week. Strong figures: HSBC reported first quarter profits of £10.3bn - three times higher than earnings over the same period last year Ping An will support a motion at the AGM …

ALEX BRUMMER: Don't derail Britain's recovery with tax hikes
2 years, 1 month ago

ALEX BRUMMER: Don't derail Britain's recovery with tax hikes

Daily Mail  

Almost all the deeply negative forecasts for the British economy made at the tail end of 2022 and early this year are proving wrong. Bouncing back: Far from falling into a recession, the latest surveys show Britain's economy is picking up speed and signs that prices are coming down Trade union leaders might think of settling disputes now, rather than …

HSBC’s pre-tax profits dip slightly though hopes remain high for 2023
2 years, 1 month ago

HSBC’s pre-tax profits dip slightly though hopes remain high for 2023

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The group’s reported profit before tax fell by 1.4 …

HSBC hands £1,500 payout to half of employees, but warns over workforce cuts
2 years, 7 months ago

HSBC hands £1,500 payout to half of employees, but warns over workforce cuts

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Unite has worked tirelessly to demonstrate to HSBC the …

HSBC to axe 40% of global office space as profits dive
4 years, 1 month ago

HSBC to axe 40% of global office space as profits dive

The Independent  

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HSBC to cut jobs and resume dividend payments as profits slump by a third
4 years, 1 month ago

HSBC to cut jobs and resume dividend payments as profits slump by a third

The Independent  

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HSBC to speed up 35,000 job cuts after profits plunge 65 per cent
4 years, 7 months ago

HSBC to speed up 35,000 job cuts after profits plunge 65 per cent

The Independent  

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HSBC revives plan for cutting 35,000 jobs
4 years, 9 months ago

HSBC revives plan for cutting 35,000 jobs

Live Mint  

London: HSBC is resuming a redundancy plan it put on ice after the coronavirus outbreak, and will cut around 35,000 jobs over the medium term, a memo seen by Reuters on Wednesday showed. The bank will also maintain a freeze on almost all external recruitment, Chief Executive Noel Quinn said in the memo, which was sent to HSBC's 235,000 staff …

HSBC resumes plan to slash 35,000 jobs
4 years, 9 months ago

HSBC resumes plan to slash 35,000 jobs

CNN  

London CNN Business — HSBC has resumed plans to cut 35,000 jobs and restructure its business, saying that the coronavirus pandemic has made the overhaul it announced earlier this year even more urgent. CEO Noel Quinn said in a letter to staff Wednesday that HSBC needs to “lift the pause” on job losses and reduce its global headcount by roughly …

HSBC’s profits nosedive almost 50% as the coronavirus outbreak and plunging oil prices hit hard
4 years, 10 months ago

HSBC’s profits nosedive almost 50% as the coronavirus outbreak and plunging oil prices hit hard

CNN  

Hong Kong CNN Business — HSBC is ramping up the amount of money it is setting aside to cover bad loans as its profits plummet because of the coronavirus pandemic. HSBC also said it is now hitting pause on parts of its vast restructuring plan, which had included a decision to cut 35,000 jobs and dramatically overhaul its business. The …

HSBC’s profit plunges by half in first quarter on coronavirus hit
4 years, 10 months ago

HSBC’s profit plunges by half in first quarter on coronavirus hit

Al Jazeera  

The bank widened its provisions for credit losses to its highest level in almost nine years, expecting more bad loans. HSBC Holdings PLC has warned of more coronavirus-fuelled earnings pain, after first-quarter profit nearly halved and it warned of more loan losses, boosting provisions for bad loans to its highest in almost nine years. HSBC also said on Tuesday the …

HSBC to shed assets worth $100 billion, slash 35,000 jobs over three years; to combine retail banking and wealth management business unit
5 years, 1 month ago

HSBC to shed assets worth $100 billion, slash 35,000 jobs over three years; to combine retail banking and wealth management business unit

Firstpost  

In the United States, where the bank has underperformed for years, HSBC said it needed to improve returns and would close around a third of its 224 branches and target only international and wealthier clients. Hong Kong/London: HSBC Holdings said on Tuesday it would shed $100 billion in assets, slashing the size of its investment bank and revamping its US …

HSBC to cut 35,000 jobs over three years
5 years, 1 month ago

HSBC to cut 35,000 jobs over three years

Live Mint  

HONG KONG/LONDON: HSBC Holdings said on Tuesday it would shed $100 billion in assets, slashing the size of its investment bank and revamping its U.S. and European businesses - in a drastic overhaul that will mean 35,000 jobs cut over three years. In the United States, where the bank has underperformed for years, HSBC said it needed to improve returns …

HSBC results unveil massive job cuts and 33% profit drop
5 years, 1 month ago

HSBC results unveil massive job cuts and 33% profit drop

CNN  

Hong Kong CNN Business — HSBC on Tuesday said it would cut around 35,000 jobs and dramatically overhaul its business after its profit plunged by a third in 2019. “This represents one of the deepest restructuring and simplification programs in the bank’s history,” interim chief executive Noel Quinn said during an earnings presentation. The strategy overhaul comes as HSBC contends …

Banking giant HSBC plans business overhaul after profits plunge
5 years, 1 month ago

Banking giant HSBC plans business overhaul after profits plunge

Al Jazeera  

Bank says it will restructure operations, sell billions of dollars in assets and continue its search for a new CEO. The wider strategy overhaul also comes amid slowing economic growth in HSBC’s biggest markets, an outbreak of a fast-spreading coronavirus, the United Kingdom’s protracted withdrawal from the European Union, and a drop in central bank interest rates. The profit drop …

HSBC to ‘remodel’ after profits plunge 18%
5 years, 4 months ago

HSBC to ‘remodel’ after profits plunge 18%

CNN  

Hong Kong CNN Business — HSBC’s global business took a beating last quarter, and the London-based bank is warning of more pain ahead as it undertakes a major restructuring that will likely entail more job cuts. Previous plans to turn those businesses around are no longer sufficient given the softer revenue outlook and “more urgent” action is needed, HSBC interim …

HSBC to cut up to 10,000 jobs to slash costs: report
5 years, 5 months ago

HSBC to cut up to 10,000 jobs to slash costs: report

Live Mint  

New York: HSBC Holdings Plc may eliminate as many as 10,000 jobs as part of a cost-cutting drive, according to a Financial Times report that signaled Europe may bear the brunt of the initiative. European banks including Deutsche Bank AG, Societe Generale SA and Barclays Plc are cutting thousands of jobs as low interest rates and a slowing economy weigh …

HSBC may slash up to 10,000 jobs to cut costs: FT
5 years, 5 months ago

HSBC may slash up to 10,000 jobs to cut costs: FT

Al Jazeera  

Workers in highly-paid roles and positions in Europe could be the first to go, according to a Financial Times report. HSBC Holdings Plc is planning to cut up to 10,000 jobs as interim Chief Executive Noel Quinn seeks to reduce costs across the banking group, the Financial Times reported on Sunday. The plan represents the global bank’s most ambitious attempt …

HSBC plans hundreds of investment bank job cuts in cost push
5 years, 9 months ago

HSBC plans hundreds of investment bank job cuts in cost push

Live Mint  

London: HSBC Holdings Plc is considering eliminating hundreds of investment banking jobs as Chief Executive Officer John Flint pressures the lender’s top managers to cut costs, according to people familiar with the plan. They are part of wider job reductions across the lender, and mark the latest stage of HSBC’s “Project Oak” revamp. Project Oak Project Oak’s job reductions should …

HSBC profits jump 28 per cent as costs come down
6 years, 4 months ago

HSBC profits jump 28 per cent as costs come down

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy HSBC profits rose 28 per …

Government-backed RBS reports almost £7bn loss for 2016
8 years, 1 month ago

Government-backed RBS reports almost £7bn loss for 2016

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The bank which is 72 per cent owned by …

HSBC 2016 profits plunge 62% to £5.7bn amid 'significant and largely unexpected economic and political events'
8 years, 1 month ago

HSBC 2016 profits plunge 62% to £5.7bn amid 'significant and largely unexpected economic and political events'

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy HSBC’s pre-tax profits plummeted 62 …

HSBC cutting around 100 senior banking jobs globally
8 years, 2 months ago

HSBC cutting around 100 senior banking jobs globally

Live Mint  

London: HSBC has begun cutting around 100 senior jobs in its investment banking division worldwide this week, according to officials with direct knowledge of the matter. The cuts affect bankers at managing director and director level in the lender’s global banking and markets division, the officials said, declining to be identified due to the sensitivity of the matter. The cuts …

HSBC’s profit beats estimates as capital buffer strengthens
8 years, 4 months ago

HSBC’s profit beats estimates as capital buffer strengthens

Live Mint  

London/ Hong Kong: HSBC Holdings Plc reported third-quarter profit that beat analysts’ estimates as chief executive officer Stuart Gulliver pared costs and bolstered the lender’s capital cushion. Adjusted pretax profit, which excludes one-time items, rose 7% from a year earlier to $5.59 billion, Europe’s largest bank said in a statement on Monday. That freed up $5.6 billion, which increased the …

HSBC axes 840 IT jobs in Britain in first big wave of planned cuts
8 years, 10 months ago

HSBC axes 840 IT jobs in Britain in first big wave of planned cuts

Firstpost  

LONDON HSBC, Europe’s largest bank, started laying off 840 information technology workers in Britain on Monday, the first big tranche of redundancies under a restructuring plan that will eliminate 8,000 British jobs by the end of next year. Most of the staff affected were being informed about the cuts on Monday, according to a source familiar with the matter.The majority …

HSBC axes 850 IT jobs in Britain in first big wave of planned cuts
8 years, 10 months ago

HSBC axes 850 IT jobs in Britain in first big wave of planned cuts

Live Mint  

London: HSBC, Europe’s largest bank, started laying off 840 information technology workers in Britain on Monday, the first big tranche of redundancies under a restructuring plan that will eliminate 8,000 British jobs by the end of next year. “As part of a global relocation exercise, around 840 non-customer-facing IT roles will transfer from the UK to other sites around the …

HSBC Q1 profit beats estimates as costs contained
8 years, 10 months ago

HSBC Q1 profit beats estimates as costs contained

Live Mint  

London/Hong Kong: HSBC Holdings Plc reported a bigger first-quarter profit than analysts forecast, as chief executive officer Stuart Gulliver guided the Asia-focused bank through turbulent global markets while paring back costs. Pretax profit fell to $6.1 billion from $7.1 billion a year earlier, the London-based bank said on Tuesday, beating the $4.3 billion average estimate of 14 analysts compiled by …

The 10 biggest business stories on Monday February 15
9 years, 1 month ago

The 10 biggest business stories on Monday February 15

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Shoppers’ footfall in January rose by 1.2 per cent …

HSBC said to freeze salaries, hiring in 2016 in battle to cut costs
9 years, 1 month ago

HSBC said to freeze salaries, hiring in 2016 in battle to cut costs

Live Mint  

London: Europe’s largest lender, HSBC, is imposing a hiring and pay freeze across the bank globally in 2016, two people familiar with the matter told Reuters. Europe’s biggest bank said in June that it planned to slash nearly one in five jobs and shrink its investment bank by a third in response to sluggish economic growth and tighter global regulation …

HSBC results beat expectations in third quarter with profits up 32%
9 years, 4 months ago

HSBC results beat expectations in third quarter with profits up 32%

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy HSBC has recorded better than …

HSBC cuts pay 10% for hundreds of investment bank contractors
9 years, 5 months ago

HSBC cuts pay 10% for hundreds of investment bank contractors

Live Mint  

London/ Hong Kong: HSBC Holdings Plc will cut the pay of hundreds of part-time contractors at its investment-banking arm in London by 10% and ask them take two weeks of unpaid leave, according to a person with knowledge of the decision. Contract workers in the global banking and markets division will have their pay cut this month with no exceptions, …

HSBC profits rise but chief executive Stuart Gulliver admits Swiss tax scandal has rocked morale
9 years, 10 months ago

HSBC profits rise but chief executive Stuart Gulliver admits Swiss tax scandal has rocked morale

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy HSBC chief executive Stuart Gulliver …

HSBC profit hit by $800m charge for US fine, cuts 30,000 jobs – Firstpost
12 years, 4 months ago

HSBC profit hit by $800m charge for US fine, cuts 30,000 jobs – Firstpost

Firstpost  

HSBC has taken a $1.15 billion hit to cover a potential US fine for lax anti-money laundering controls and to pay compensation for mis-selling products in Britain, eating into its quarterly profit. While HSBC’s earnings were helped by a sharp drop in bad debts, it set aside $800 million to cover a potential fine from US regulators for breaches in …

HSBC set for $22 billion profit, fuelled by the east
13 years, 1 month ago

HSBC set for $22 billion profit, fuelled by the east

Firstpost  

It is expected to fall short of its record profits of $24.2 billion in 2007, but top all other western banks that have reported for last year, including US rival J.P. Morgan. London: HSBC Holdings is expected to report the West’s biggest banking profit for last year, as Asia lines the cloud, while its rivals are struggling with faltering European …

HSBC aiming to boost trade with £4bn injection for SMEs
13 years, 1 month ago

HSBC aiming to boost trade with £4bn injection for SMEs

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The banking giant HSBC has …

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