HSBC Holdings

HSBC Holdings Plc engages in the provision of banking and financial services. It operates through the following business segments: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, Global Private Banking, and Corporate Centre. The Retail Banking and Wealth Management segment consists of retail banking, wealth management, asset management, and insurance. The Commercial Banking segment offers banking products and services. The Global Banking and Markets segment includes transaction banking, financing, advisory, capital markets, and risk management services. The Global Private Banking offers transaction banking, financing, advisory, capital markets and risk management services to high net worth individuals and families. The Corporate Centre segment is comprises of central treasury, including balance sheet management, other legacy businesses, interests in associates and joint ventures, central stewardship costs and the UK bank levy. The company was founded on January 1, 1959 and is headquartered in London, the United Kingdom.

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Founded in 1865 to finance trade between Asia and the West, today HSBC is one of the world’s largest banking and financial services organisations serving around 46 million customers. Their aim is to be acknowledged as the world’s leading and most respected international bank.

The decision accelerates a shift away from its beleaguered US operations and follows the shuttering of 80 branches across the country in 2020. HSBC is considering selling its remaining 150 US locations to enable its broader focus on Asia. It plans to invest around $6 billion into the region over the next five years and allocate half of its total capital there in the next three to six years. HSBC is doubling down on its China and Hong Kong roots—and Insider Intelligence believes that the region's outsized importance could create significant opportunities for growth and profitability.

HSBC to exit its US retail banking business in search of increased profitability

Barclays

HSBC and Barclays, which have pledged to stop financing new coal projects, have been challenged by a legal group over a Japanese bond it says will contribute to the financing of coal-fired power in Vietnam.

HSBC, Barclays challenged over bond linked to Vietnamese coal project

HSBC Holdings PLC (HSBC) CEO Noel Quinn on Q4 2020 Results - Earnings Call Transcript

HSBC records a decline in revenues along with lower expenses in the fourth quarter of 2020.

HSBC Q4 Pre-Tax Profit Improves Y/Y, Revenues & Costs Decline

Europe's biggest bank unveiled plans to invest $6 billion in the region, after reporting a 34% slump in annual profits.

HSBC Ramps Up ‘Pivot to Asia' as Annual Profits Fall 34%

HSBC PLC (LON:HSBA) said today it remains committed to its flagship London office at Canary Wharf but will cut office space elsewhere by 40% as part of its cost-saving drive. Noel Quinn, chief executive, told analysts in a meeting after results today that the reductions would come from leases not being renewed rather than shutting branches or its London HQ.

HSBC to slash office space but committed to Canary Wharf

HSBC is pushing even harder into Asia as the bank seeks to shore up its business in the wake of the coronavirus pandemic and ongoing tensions between the United Kingdom and China. It's also bringing back its dividend, a sign that it's optimistic about its ability to navigate the year ahead.

HSBC is pushing even harder into China and India

HSBC Holdings plc (LON: HSBA) said on Tuesday that it will invest another £4.26 billion over the next five years in Asia, in a bid to double down its core business. CEO Noel commented on the announcement and said: “We plan to focus on and invest in the areas in which we are the strongest.

HSBC says its earnings slid 35% in 2020 due to the COVID-19 disruptions

HSBC posted a 14% slump in adjusted revenue last quarter, as rock-bottom interest rates weighed on its operations. Combined with a 60% surge in credit-impairment charges to $1.2 billion due to significant economic uncertainty in the UK, the result was a 50% plunge in adjusted pre-tax profits to $2.2 billion. Europe's biggest bank suffered an 8% drop in adjusted revenue for the full year, and a 45% decline in adjusted pre-tax profits to $12.1 billion. Moreover, its credit-impairment charges surged by about 226% to $8.8 billion.

HSBC's profits plunge 45% as low interest rates and bad loans take their toll

HSBC plans to nearly halve its office space globally over the long term as part of a renewed cost-cutting drive set out on Tuesday, in a further sign the COVID-19 pandemic is leading companies to make drastic changes to working patterns.

HSBC plans to nearly halve office space over long term

HBSC PLC's (LON:HSBC) profits and revenues fell in 2020 while the bank also cut its long term targets due to the low-interest-rate environment. As expected, HSBC confirmed its future focus will be pointed even more towards Asia though there was no decision on the US retail banking business, where speculation had been it would shut down.

HSBC confirms focus shift towards Asia as profits tumble

More executive roles are expected to relocate to home base of Hong Kong as part of Asia shift, where most of its earnings come from

HSBC looks to Asia after profits plunge 34%

VANCOUVER, British Columbia--(BUSINESS WIRE)--HSBC Bank Canada Full Year and Fourth Quarter 2020 Results; Balance sheet strength and resilient performance despite COVID-19 headwinds

HSBC Bank Canada Full Year and Fourth Quarter 2020 Results

HSBC Holdings PLC on Tuesday reported a 34% drop in annual profit, slightly better than expectations, after a year in which its global business took a hefty blow from the COVID-19 pandemic.

HSBC's 2020 annual profit falls 34%, lowers profitability target

HSBC Holdings PLC (LON:HSBA) will take its turn to announce results for the final three months of 2020 on Tuesday, with the Asia-focused lender's promised strategy update likely to be the main focus. A year ago, chief executive Noel Quinn unveiled plans a year ago to cut 35,000 jobs around the world and then last autumn pledged to accelerate the transformation of the bank's US business.

HSBC's pivot away from UK and US likely to overshadow financials on Tuesday

HSBC Holdings is scheduled to report its fiscal Q4 2020 results on Tuesday, February 23. We expect HSBC to likely surpass the consensus estimates for revenues and earnings.

Despite Interest Rate Headwinds, HSBC Stock Is Likely To Beat Consensus In Q4

HSBC Holdings was one of the few advancers in London trade on Monday, with the banking giant rising on a report it is about to exit from the retail U.S. market.

London Markets: HSBC rises on report it's about to exit U.S. retail as FTSE 100 reverses

HSBC Holdings PLC will update its "transformation" plan announced a year ago on Tuesday, when the Asia-focussed lender also reports annual results.

Five things to look out for in HSBC strategy update

Lloyds Banking Group

Monday evening's speech from the prime minister on the plans for England's emergence from the current coronavirus lockdown is definitely the big event of the coming week. In the business world, the consequences are mainly for consumer-facing industries.

Lloyds, HSBC and AB Foods results come after PM sets agenda with lockdown reopening speech

International politicians say the bank, already under fire for backing China's security law, could ‘gravely tarnish' its reputation

HSBC urged to unfreeze accounts of Hong Kong activist

HSBC Holdings Plc has drawn fire from an international coalition of senior politicians over its decision to freeze the bank account of prominent pro-democracy activist Ted Hui in Hong Kong, The Times reported on Monday.

Pressure grows on HSBC over Hong Kong activist Ted Hui: Times

HSBC Holdings PLC said on Monday it had set up a new private banking business in Thailand, the Asia-focused lender's second onshore expansion in Southeast Asia, as it seeks to grab a bigger share of the growing rich population.

HSBC sets up private banking business in Thailand, second in Southeast Asia

HSBC plans to cut up to 340 manager jobs as part of a shake-up of its branch network in Britain, a source familiar with the matter told Reuters.

HSBC to axe up to 340 management jobs in UK branch shake-up - source

HSBC said on Tuesday it planned to axe 82 branches in Britain this year after a drop in footfall across its retail network and a surge in digital banking.

HSBC to axe 82 branches in UK, cut services in others

Former Hong Kong lawmaker Ted Hui has renewed his criticism of HSBC for freezing his local bank accounts even after the global bank's chief executive, Noel Quinn, wrote to him to explain the circumstances of the change.

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