HSBC shareholder Ping An urges 'aggressive' cost cuts and publicly calls for spin-off of Asia business
HSBC “should be much more aggressive in radically reducing its costs”, for example by cutting manpower, the Chinese insurance company said
Company
HSBC Holdings PLC
LON:HSBA
HSBC serves customers worldwide from more than 9,500 offices in 85 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. HSBC is one of the world's largest banking and financial services organisations.
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A £1.1bn provision was made for bad loans, reflecting “increased economic uncertainty, inflation, rising interest rates and the ongoing developments in mainland China's commercial real estate sector”
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"We remain on track to achieve our cost targets for 2022 and 2023."
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HSBC adverts banned by watchdog for greenwashing
A series of adverts by HSBC Holdings PLC have been banned by the Advertising Standards Authority due to misleading environmental claims.
HSBC exploring sale of Canadian arm - Sky
A report on Sky News said that HSBC's board has instructed investment bankers at JP Morgan to sound out prospective buyers of its business in the country
HSBC may leave its Canary Wharf headquarters - report
The bank is currently facing calls to move its headquarters over to Asia, where it generates most of its profits
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Fuller Treacy Comment of the Day - House Sales Collapse as UK Lenders Withdraw Mortgage Offers, and more...
Comment of the DayVideo commentary for September 27th 2022A link to today's video commentary is posted in the Subscriber's Area. Some of the topics discussed include: bitcoin fails to hold intraday rally, bond yields extend advance, dollar
HSBC says it may have to significantly raise salaries
HSBC would fall short of its cost target by approximately US$500mln based on its current trajectory
Ping An stays firm on HSBC spin-off call but not an 'activist'
'We are not an activist investor, but we do care very much about long term value'
HSBC share price target raised by two brokers
Two investment banks today raised their target price for HSBC's shares, where they believe they would represent fair value
HSBC 'had to listen' to shareholders but analysts doubt Ping An can force separation
Analysts are sceptical as to whether Ping An, a larger but lone shareholder, could force a shareholder resolution to split the bank
HSBC considers 'alternative structures' as break-up pressure builds
Even as the bank hard-sells its growth plan to investors in Hong Kong, angry shareholders want Asian operations spun off
HSBC activist Ping An adds “uncertainty to the investment case” - broker
The bank's largest shareholder has put pressure on the bank to split its Asia operations
HSBC says it will 'restore the dividend to pre-Covid levels'
CEO Noel Quinn said the bank was well positioned to benefit from an increase in interest rates