HSBC said to cut 100 senior jobs in investment banking
20th Jan 2017 15:19
(ShareCast News) - HSBC has reportedly begun cutting around 100 senior jobs this week in its investment banking division worldwide. According to sources cited by Reuters, the cuts are taking place at managing director and director level in the Global Banking and Markets division. A spokeswoman for
Read moreHSBC to pay £4m in redress for overcharging customers in arrears
20th Jan 2017 11:44
(ShareCast News) - HSBC has voluntarily agreed to pay £4m in redress to customers who were overcharged when they fell into arrears after buying goods on credit. The Financial Conduct Authority said the bank has offered to set up a fund to repay 6,700 customers who were made to pay an unreasonable de
Read moreCredit Suisse arrives at $5.3bn settlement with US
19th Jan 2017 15:30
(ShareCast News) - Credit Suisse has come to a $5.3bn agreement with the US Department of Justice to settle the investigation into the bank's involvement in selling toxic mortgage debt before the last financial crisis. The investment bank will pay a $2.5bn civil penalty and $2.8bn in consumer relief
Read moreHSBC confirms plans for partial exit from London due to Brexit
18th Jan 2017 11:52
(ShareCast News) - HSBC will need to move roughly 1,000 London jobs to its Paris office due to Brexit, the bank's chief executive Stuart Gulliver confirmed on Wednesday. Following Theresa May's confirmation that the government plans to withdraw from the European single market, banks are likely to lo
Read moreHSBC upgrades Capital & Regional to 'buy'
9th Dec 2016 08:53
(ShareCast News) - HSBC has upgraded Capital & Regional, a British manager of shopping centres, to 'buy' from 'hold' but lowered its price target to 66p from 69p. The company's recent disposal of the Camberley shopping centre and refinancing has reduced the bank's equity valuation by £14.5m, equival
Read moreEC slaps €485m fine on HSBC, JPMorgan, Agricole for Euribor cartel
7th Dec 2016 10:52
(ShareCast News) - Competition regulators at the European Commission have fined HSBC, JPMorgan Chase and Crédit Agricole €485m for participating in a cartel in euro interest rate derivatives. The European Union's executive arm said the banks had breached EU antitrust rules by colluding on the key eu
Read moreMorgan Stanley upgrades HSBC to 'equal weight'
6th Dec 2016 09:13
(ShareCast News) - Morgan Stanley upgraded HSBC to 'equal weight' from 'underweight' and raised its price target to 645p from 550p. The broker upgraded the bank's stock as the revenue outlook has improved on better Asia pacific (APAC) loan growth and higher rates. "We have had an underweight rating
Read moreRBS fails stress tests, Barclays and StanChart stumble over hurdles
30th Nov 2016 07:33
(ShareCast News) - Royal Bank of Scotland has been forced to submit plans to improve its capital position after failing the Bank of England's annual stress tests, while rivals Barclays and Standard Chartered stumbled over some hurdles but not badly enough to require raising new funds. Despite these
Read moreCredit Suisse sees big Barclays rerating, neutral on Lloyds and HSBC
29th Nov 2016 10:02
(ShareCast News) - Credit Suisse initiated coverage on a number of UK banks on Tuesday, as it noted the regulatory agenda is heating up, starting with the stress test results on Wednesday, for which it reckons banks are "reasonably well placed". It started Barclays at 'outperform' with a 260p price
Read moreCiti and JPMorgan overtake HSBC to top list of globally important banks
21st Nov 2016 11:12
(ShareCast News) - The Financial Stability Board has updated its annual rankings of the most globally systemic banks in the world, with Citi rising to the top of the pile alongside JPMorgan Chase. HSBC dropped off the top spot in the rankings released by the FSB each year, which show the financial i
Read moreHSBC agrees to sell Lebanon business to Blom Bank
16th Nov 2016 12:21
(ShareCast News) - HSBC has agreed to sell its business in Lebanon to Blom Bank for an undisclosed sum. The bank said the deal, which is expected to take place in the first half of next year, "represents further progress in the execution of HSBC Group strategy". As at 30 June 2016, the business com
Read moreMonday broker round-up
14th Nov 2016 10:38
(ShareCast News) - Dairy Crest: JP Morgan keeps at neutral with a target price of 600p. Tesco: HSBC upgrades to buy with a 260p target. Inmarsat: Jefferies stays at buy with a 1245p target. Aggreko: Barlcays reiterates overweight with a 1000p target. SSE: Goldman Sachs keeps at neutral with a 160
Read moreBarclays raises target price on HSBC but leaves rating at 'equal weight'
8th Nov 2016 10:20
(ShareCast News) - Barclays left its rating on HSBC at 'equal weight' and raised its target price to 600p from 550p after the bank reported its third quarter results. HSBC on Monday posted a 86% drop in third quarter pre-tax profits to $0.84bn, while revenue fell 37% to $9.5bn, both on a reported ba
Read moreSector movers: Steel and mining stocks rise as futures surge
7th Nov 2016 15:50
(ShareCast News) - Steel and mining stocks paced gains as key commodity futures surged at the start of the week. On 4 November, the local government of China's largest steel city, Tangshan, issued an urgent notice ordering all coking and sintering plants, together with blast furnaces, to halt produc
Read moreHSBC hails benefits from Brazil exit as underlying profits beat forecasts
7th Nov 2016 07:03
(ShareCast News) - HSBC reported that profits in the third quarter fell 86% compared to last year due to the disposal of its Brazilian bank, but underlying profits were higher in all four of its business functions and better than the market expected. The FTSE 100 bank lifted revenues and continued t
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