FTSE 100 movers: Aberdeen lower on accelerating outflows, HSBC underwhelms
5th May 2015 13:21
Asset manager Aberdeen led the fallers as it reported an accelerating outflow of funds, with £11.3bn withdrawn by investors in the six months to 31 March. HSBC was trading lower, after underwhelming with its first-quarter results despite profits coming in ahead of expectations. Reported pre-tax prof
Read moreLondon midday: Markets up but gains limited ahead of election
5th May 2015 11:37
Stocks started the shortened trading week positively on Tuesday, taking their cue from gains in Europe and the US the previous day. After being closed on Monday for the bank holiday, the FTSE 100 was up 0.38% at 7,012.52 by midday, rising for the third straight session. However, falls from HSBC, mi
Read moreHSBC beats forecasts as first-quarter profits hit $7.1bn, CEO fires bank levy warning
5th May 2015 09:42
First-quarter profits and earnings from HSBC beat market expectations as the bank recovered well from a difficult end to 2014, but said the dividend was coming under pressure from the UK bank levy. Speaking to journalists and analysts on Tuesday, chief executive Stuart Gulliver warned "it's impossib
Read moreFriday newspaper round-up: Greek banks, Labour party, Ukraine
1st May 2015 06:59
"Panicking pensioners queued at banks, raided their accounts and broke into a board meeting of the state pension fund yesterday as Greece struggled to pay its two million pension recipients," The Times writes. Labour leader Ed Miliband has ruled out a coalition with the Scottish National Party, sayi
Read moreHSBC reportedly to cut 230 jobs in Switzerland
29th Apr 2015 14:28
Banking giant HSBC is set to cut approximately 260 jobs in its Swiss division over the next two years, as the business shifts to a new computer system. The London-listed group, one of the biggest lenders in the world, confirmed it was making a strategic investment in a new "core banking platform", a
Read moreHSBC and Standard Chartered not leaving London reckon brokers
27th Apr 2015 15:54
Reports that HSBC was examining a potential flotation or sale of its UK high street bank led to its shares, and those of Standard Chartered, rising strongly on Monday. Analysts argued that the move looked to be politically motivated and was unlikely to happen in the short-term. Credit Suisse said a
Read moreFTSE 100 movers: HSBC soars on potential high street spin-off, house builders lower
27th Apr 2015 13:27
HSBC surged as reports emerged that it may spin-off its UK high street banking business, ahead of a review of its headquarters' location. Asia-facing bank Standard Chartered, also situated in London, rose on speculation it could follow suit with a move out of the capital. Prudential was making gain
Read moreUK's four major banks face further £19bn in litigation charges, S&P reveals
27th Apr 2015 12:19
The UK's four largest banks are expected to have £19bn more of litigation costs this year and next, said credit agency Standard & Poors, which said the quartet's credit ratings were safe for now. Although the credit agency said it thought the worst period for charges relating to payment protection p
Read moreLondon midday: Bounce in UK industrial data lifts stocks
27th Apr 2015 11:43
London equities returned to positive territory by midday as UK manufacturing data provided encouragement and earlier concerns about stalled Greek debt negotiations were assuaged by more positive rumours. German newspaper Bild suggested that Greece has revised its list of reforms and was ready to sus
Read moreLondon pre-open: Sharp gains expected in HSBC
27th Apr 2015 08:11
The Footsie is being called to start the day roughly flat on Friday´s closing level of 7,070.70. The news-flow surrounding corporate activity and M&A is front and centre before the opening bell. HSBC is expected to be the standout gainer on the top-flight index at the start of trading. That follows
Read moreMonday newspaper round-up: Housing, Primark, HSBC, Natural Gas
27th Apr 2015 06:54
Ed Miliband will today intensify a political offensive over housing with an offer to exempt first-time buyers from up to £5,000 in stamp duty using cash raised from tax crackdowns on rogue landlords and foreign investors. The promise to waive the sales tax on properties worth up to £300,000 for thos
Read moreSunday newspaper round-up: HSBC spinoff, Lloyds offer, Worldpay IPO
26th Apr 2015 15:16
HSBC could spin off its £20bn UK high street banking interests, the Sunday Times said, reviving the old Midland Bank brand which the group bought in 1992. Having on Friday mentioned it was looking at moving its headquarters overseas, a flotation of its British bank could speed its corporate exit fro
Read moreFTSE 100 movers: HSBC rockets on domicile review, Astra hit by heartburn rival
24th Apr 2015 13:19
HSBC topped the risers as it launched a review of its UK domicile in light of the changing regulatory landscape. Some media commentators suggested the announcement, carefully timed ahead of the general election, was politically motivated. After receiving some takeover interest in one of its division
Read moreHSBC mulls moving headquarters abroad, AGM bloody nose on board pay
24th Apr 2015 09:44
HSBC, the UK's biggest bank, has launched a review into the location of its headquarters due to recent changes in the regulatory landscape but at its general meeting faced shareholder opposition on directors' salaries. "As part of the broader strategic review taking place, the board has therefore no
Read moreBanks are technologically two decades behind, says Barclays data chief
23rd Apr 2015 14:39
Banks' technology is old but their size makes adopting innovation a long and complicated process, Barclays chief data officer, Usama Fayyad said on Thursday. Speaking at a business conference in London, Fayyad said the banking industry was at risk of becoming a "boring business". "Banks are 10 to 2
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