Interesting.  I’ve been an HSBC business customer for 10 years, and was surprised to find out that they are no longer interested in small businesses in Canada.  Their new focus, I was told on the phone, is international businesses with sales over 3 million dollars. So, while they’ve graciously ‘grandfathered’ my business account, I can’t … Continue reading HSBC not interested in small businesses in Canada →

HSBC has launched a cross-border virtual account solution aimed at...

The Bermuda Zoological Society [BZS] announced that HSBC is the lead sponsor of the BZS Micro Forest Project. A spokesperson said, “With the impacts of climate change being felt more and more each year, the need for reforestation projects has arguably never been more important and urgent. The Bermuda Zoological Society [BZS] today announced that HSBC […]

HSBC Bermuda has announced that “single-use plastic cards will be a thing of the past as the bank replaces them with cards made from recycled materials.” A spokesperson said, “The move is part of HSBC’s global strategy to reduce carbon emissions and achieve the Bank’s net zero goal by 2050. “The cards comprise of 85% […]

HSBC Bermuda’s branches will close at 2:00pm on Thursday [Sept 14] due to Hurricane Lee. A spokesperson said, “Out of an abundance of caution due to the formation of Hurricane Lee, HSBC Bermuda’s branches will close at 2:00 pm tomorrow, September 14th. “Subject to the receipt of an all clear from the Bermuda Government and […]

HSBC said they are “pleased to be offering a new benefit to our HSBC Visa Platinum debit cardholders which enables them to redeem a 1GB eSIM for 15 days and enjoy global data connectivity.” A spokesperson said, “Download the GigSky app today. These customers will be able to travel the world without incuring data roaming charges […]

HSBC announced the appointment of Gregory Garnier as CEO of HSBC Bank Bermuda Limited, effective September 23, 2024. A spokesperson said, “Gregory Garnier, joined HSBC 22 years ago in Mergers and Acquisitions in Paris and has led teams in France and the US in a wide range of Investment Banking and Global Banking roles. His most […]

The 2025 HSBC SVNS season will wrap up May 3-4 at Dignity Health Sports Park in Carson, Calif., where the champions will be crowned at the 2028 Olympic rugby sevens venue.

HSBC Global Asset Management has marked down its exposure from 75% to 100% in its two debt schemes holding the non-convertible debentures (NCDs) of Dewan Housing Finance Corporation (DHFL).

The HSBC Climate Partnership (HCP) is a five-year partnership (2007-2011) between HSBC, The Smithsonian, The Climate Group, Earthwatch Institute and WWF to inspire action on climate change.
Working with these partners and engaging its employees around the world, HSBC hopes to tackle climate change impacts for people, forests, water, and cities. The HCP research of the Smithsonian's Center for Tropical Forest Science (CTFS) focuses on:
• Understanding the role of forests in the global carbon cycle
• Comparing temperate and tropical forests by establishing new plots in the temperate zone
• Quantifying the environmental services provided by tropical forests

The post The HSBC Climate Partnership is a five-year partnership to inspire action on climate change appeared first on Smithsonian Insider.

Facebook’s digital currency project Libra has unveiled HSBC legal chief...

(United States Second Circuit) - Affirmed. The district court granted Defendants’ motion to dismiss for failure to state a claim. Plaintiffs failed to plausibly allege that the defendants knowingly aided or abetted November, 2005 attacks in Jordan.

(United States First Circuit) - In a civil procedure action, the district court's dismissal of plaintiff's case after his attorney failed to appear at a scheduled motion hearing is reversed for abuse of discretion where there was no suggestion of intentional failure to appear, no prior neglect by counsel to appear, the district court gave no notice that failure to appear would result in dismissal with prejudice, and plaintiff's claims would be left without a single merits determination.

As of Monday [May 11], HSBC’s Harbourview, St. Georges and Somerset branches will open on weekdays from 9.00am through 1.00pm “to provide...

(United States Second Circuit) - Affirmed. The district court granted Defendants’ motion to dismiss for failure to state a claim. Plaintiffs failed to plausibly allege that the defendants knowingly aided or abetted November, 2005 attacks in Jordan.

For all HSBC's mutterings that it's fed up with having the UK as its home base - because of the incremental tax it pays here and what it perceives as an anti-bank climate - there is no evidence from today's strategy review that it is growing any cooler on having a big presence in the UK.

In fact, if anything, the opposite is implied by its assessment of where best to allocate its capital and expertise over the coming decade. The UK is categorised by HSBC as a "strategic market", which is HSBC's highest accolade, partly because it has a massive presence in retail banking here and partly because it wants to be "the UK's leading bank for international businesses".

Interestingly, and in spite of the superior growth rates of emerging economies, HSBC expects the UK to still be the sixth largest economy in the world in 2050, only a fraction smaller than Germany, but bigger than Brazil, Mexico and France.

The British economy is expected by HSBC to grow faster than the US, Japan, and France over the coming 40 years - and a bit slower than Germany (but, of course, massively slower than China, India, Brazil, Mexico and Turkey). Some of that British momentum, compared to the eurozone and Japan for example, is presumably due to an expected faster rate of population growth in the UK - which is not universally popular.

But even so, income per capita in the UK in 2050 is predicted to be $49,000, 6.5% below German income per head and almost 20% greater than French per capita income.

For HSBC, the important trends are expected annual growth of world trade of 8.9% in the coming 10 years and the persistence of huge financial imbalances between the saving and exporting nations (China, India, Germany, and so on) and the consuming and borrowing nations (the US and much of Europe).

Interestingly, HSBC expects the UK to be a rare example of a country moving from deficit into surplus, by 2020 (or rather it buys into the analysis of the consultants McKinsey and the World Economic Forum to that effect - although there is a bit of a mystery here, because HSBC attributes the forecast to McKinsey, but it's not in the relevant McKinsey document).

The point, for HSBC, of analysing the world in these terms is that it wants to be the leader in financing those swelling trade flows between emerging economies and developed ones, and also in the related businesses of shipping China's and India's and Taiwan's surplus capital to the US and Europe.

Which means that what it calls Global Banking and Markets (and others call investment banking) together with its Commercial Banking arm will be the focus of future expansion.

That looks rational for one of the world's genuinely global banks. But it is slightly disturbing for the rest of us, perhaps, because the bank is assuming that the leaders of the G20 most powerful economies will fail in their avowed aim of stabilising the global economy by reducing China's funding surplus and America's funding deficit, the imbalances that were a fundamental cause of the great crash of 2007-8.

HSBC's success in that sense seems in part to be predicated on the idea that the global financial economy won't become a much safer place.

Like all sensible businesses, HSBC say it will reallocate capital to where it sees superior growth or where it has substantial market shares. So it will only stay in retail banking in places, like the UK for example, where it is big enough to be a price leader, rather than a follower.

The new chief executive, Stuart Gulliver, recognises that current returns are too low, partly because the bank's running costs are too high. So it plans to reduce annual costs by between $2.5bn and $3.5bn over the next three years - though it hasn't said how.

There is one cost that particularly rankles with HSBC - the special banking levy imposed by the British government. What it finds particularly galling, I am told, is that it pays the levy on uninsured deposits outside the UK, which most would see as a stable form of funding that contributes to the perception of HSBC as being a relatively safe bank.

Given that Treasury said the levy was designed in part to encourage banks to finance themselves in a more prudent way, it is a bit odd that the levy is costing HSBC around £370m this year, almost exactly the same as Royal Bank of Scotland and Barclays, and £110m more than Lloyds, in spite of HSBC's funding arrangements being widely seen to be much more prudent and stable than those of the other UK banks.

It is perhaps understandable therefore that HSBC hopes the Treasury will look again at the structure of the levy. Although - as I've said and elucidated before - HSBC's not-very-veiled threat to leave the UK if the levy isn't reformed doesn't look credible.

HSBC pledged a new era of higher dividends on Tuesday, laying out plans to slash nearly one in five jobs...

HSBC Bank to Cut at Least 22,000 Jobs Worldwide in Order to Reduce Annual Costs

Make money first, save the planet second. Those are the reasons for most investors to get into green finance, according to HSBC Holdings Plc.

The United States is seeking an order from a federal court in San Francisco authorizing the IRS to request information from HSBC Bank USA, N.A. about U.S. residents who may be using accounts at The Hong Kong and Shanghai Banking Corporation in India (HSBC India) to evade federal income taxes.

Dr. Arvind Ahuja of Greendale, Wis., was indicted today by a federal grand jury in Milwaukee on four counts of willfully filing materially false tax returns and four counts of failing to file Reports of Foreign Bank and Financial Accounts.

A superseding indictment was returned today in Milwaukee against Dr. Arvind Ahuja of Greendale, Wis., adding a charge of conspiracy to defraud the Internal Revenue Service.

First Niagara Bank N.A. and HSBC Bank USA N.A. agreed to sell 26 branch offices in the Buffalo, N.Y., area with approximately $1.6 billion in deposits, to resolve the Justice Department's antitrust concerns from the sale of HSBC’s branch network in upstate New York to First Niagara.

A federal grand jury in San Jose, Calif., Wednesday indicted Ashvin Desai of San Jose on three counts of tax evasion, two counts of willfully aiding the preparation of materially false tax returns and three counts of failing to file Reports of Foreign Bank and Financial Accounts.

The Justice Department, the Department of Housing and Urban Development (HUD) and the Consumer Financial Protection Bureau, along with 49 state attorneys general and the District of Columbia’s attorney general, have reached a $470 million agreement with HSBC Bank USA NA and its affiliates (collectively, HSBC) to address mortgage origination, servicing and foreclosure abuses

HSBC's twin homes of Britain and China have been particularly hard hit by the pandemic.

The post HSBC cuts top investment bank jobs despite wider firing freeze appeared first on DealStreetAsia.

Alaistair Chan, Economist at Moody's Analytics, attributes the weak data to monetary tightening last year.

HSBC's first-quarter earnings were not surprising given the global economic fallout of the coronavirus pandemic, says Filippo Alloatti, senior credit analyst at Federated Hermes. He also discusses the bank's decision to suspend share buybacks and dividend payouts for now.