HSBC chief to stand down in major shake-up
24th Sep 2010 07:17
A major shake-up of HSBC's senior management is on the way with chief executive Michael Geoghegan set to quit by the year-end and finance director Douglas Flint to take over as chairman. Stuart Gulliver, the head of the bank's investment division, will become chief executive after a week of boardro
Read moreFriday newspaper round-up: HSBC chief to stand down
24th Sep 2010 06:24
Michael Geoghegan is to step down as chief executive of HSBC at the end of the year, according to two people close to the bank's board. He will be replaced by Stuart Gulliver, head of the group's investment bank, the FT reports. At the same time, Douglas Flint will take over as chairman from Stephe
Read moreHSBC denies CEO has threatened to quit
23rd Sep 2010 17:31
HSBC chief executive Michael Geohegan issued a denial overnight from his Hong Kong office that he will end his 37-year career at the company if he does not get the job of executive chairman. Geohegan became chief executive in 2006 and reportedly has eyes on the top job in the company now it has bec
Read moreLondon close: Late rally trims losses
23rd Sep 2010 16:40
London staged a last hour rally but didn't rise by enough to eliminate losses sparked by a weak start on Wall Street. News that Brazilian oil company Petrobas will launch a world record $78bn rights issue helped other oil companies. BP, Shell and Cairn all picked up near the close. Expectation t
Read moreLondon afternoon: US shadow increases London gloom
23rd Sep 2010 14:24
Expectations of a weak start on Wall Street, after poor US jobless data, sent London lower still over the lunch time session, with banks and miners continuing to feature prominently among the blue-chip fallers. Lloyds and Standard Chartered are the worst performing banking stocks as worries resur
Read moreLondon midday: Blue-chips in the red
23rd Sep 2010 12:12
London's blue-chips are beating a rapid retreat but second liners are having a slightly better time of it, though most are still in arrears. Banks and miners are prominent among the blue-chip fallers. Lloyds and Standard Chartered are the worst performing banking stocks while HSBC is also lower a
Read moreThursday newspaper round-up: HSBC, Vince Cable, Luminar
23rd Sep 2010 06:26
HSBC will try to get its chosen candidate for the bank's next executive chairman signed off by the Financial Services Authority tomorrow before a final decision at a board meeting next Tuesday, says the Times. The bank is scrambling to resolve the situation after an extraordinary period of internal
Read moreWednesday newspaper round-up: Bank tax, Lord Turner, HSBC...
22nd Sep 2010 06:35
A new windfall tax on banks is being threatened by ministers amid concerns that many bankers will receive "irresponsible and unacceptable" bonuses this year. Vince Cable, the Business Secretary, will claim today that bankers present more of a threat to Britain than trade unions. In an outspoken att
Read moreTuesday newspaper round-up: HSBC, Lloyds, Cotton...
21st Sep 2010 06:32
HSBC is considering a controversial plan to base its next chairman in Hong Kong in a move that could mark a turning point in the international bank's relationship with Britain. HSBC is looking at whether it can hand the chairman's role to Michael Geoghegan, its chief executive, who relocated to Ho
Read moreLondon close: Second wind lifts Footsie higher
20th Sep 2010 16:40
A strong start on Wall Street ensured Footsie finished with good gains having started the day on a strong footing. US shares moved ahead including housebuilder and economic bellwether Lennar, which beat profit forecasts. Part-nationalised banking giant Lloyds Banking held up well after it was ann
Read moreLondon afternoon: Lloyds up as Daniels names exit date
20th Sep 2010 14:29
Stocks gave up a proportion of their gains over the lunch time session despite expectations of a firm start on Wall Street. Part-nationalised banking giant Lloyds Banking is holding up well after it was announced that chief executive Eric Daniels is to retire in a year's time. The move was not unex
Read moreLondon midday: US coast guard verdicts lifts BP
20th Sep 2010 12:09
Investors are in an optimistic frame of mind ahead of the Federal Reserve's Federal Open Market Committee (FOMC) meeting tomorrow. The 'glass half full' crowd are expecting the FOMC to announce further measures to revitalise the global economy. Barely a dozen Footsie constituents are in the red, an
Read moreFrench banks fined for cheque fee cartel
20th Sep 2010 11:51
France's banking watchdog has rapped numerous banks across the knuckles, including UK-based HBSC, for charging too much for handling cheques. The Autorite de la Concurrence has handed out fines totalling €384.9m (£321m) to 11 French banks for charging an unwarranted 4.3 cents on check image transfe
Read moreLondon open: Bright start for blue chips
20th Sep 2010 08:37
UK blue chips have made good ground in early dealings with oil and mining groups in demand. BP is the top performer after the US coast guard signalled that the oil spill into the Gulf of Mexico has been permanently sealed. US authorities described the leak from the Macondo well in the Gulf of Mexic
Read moreLondon pre-open: Positive start indicated
20th Sep 2010 07:26
UK blue chips are expected to post modest gains early doors as Wall Street ended higher Friday. Futures prices indicate an initial gain of about 16 points for the FTSE 100, hoping to snap a three-day losing streak. BAE Systems has strengthened its position in the US counter-terrorism market with t
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