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The Latest Breaking News from HSBC

Four banks fined £100m over chat room messages

HSBC, Citi, Royal Bank of Canada and Morgan Stanley were all fined, while Deutsche Bank received immunity for reporting its conduct to authorities

The Independent UK

Four major City banks fined more than £100 million by watchdog

CMA investigation found that traders were sharing information about the gilts market in chat rooms

Evening Standard

HSBC net zero goal delayed 20 years, as CEO offered 600% bonus

Bank is criticised for pushing climate targets to 2050 and watering down environmental goals

The Guardian - UK

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HSBC pushes back climate target for operations and supply chain by 20 years

HSBC says factors ‘outside of our control’ affect its ability to meet its climate targets.

Evening Standard

HSBC pushes back climate targets by 20 years and blames ‘lag’ in government policy

UK head office to bear brunt of job cuts as bank aims to slash staffing costs by £1.2bn

The Independent UK

HSBC reveals plans to cut jobs amid bid to slash costs by £1.2bn

The banking group said it will reduce its global staff costs by around 8% under the overhaul.

Evening Standard

FTSE 100 Live 19 February: Glencore and airline stocks fall, BAE and HSBC in results spotlight

A jump in UK inflation to a 10-month high of 3% today dealt a blow to hopes of early further interest rate cuts.

Evening Standard

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HSBC Targets $1.5 Bn In Annual Cost Savings After Revamp

Banking giant HSBC said Wednesday that CEO Georges Elhedery's plan since October to simplify the company's structure and geographic setup will yield $1.5 billion in annual cost savings by the end of 2026.

International Business Times

HSBC announces reduction in costs amid rise in profits

The UK’s largest bank announced a pre-tax profit of 32.3 billion dollars (£25.2 billion) for 2024 on Wednesday.

Evening Standard

HSBC announce major cost-cutting drive including job losses as pre-tax profits top £25bn

The UK’s largest bank announced a pre-tax profit of $32.3bn (£25.2bn)

The Independent UK

Best and Worst Banks Revealed – And Lloyds and NatWest Didn’t Make the Cut

The Competition and Markets Authority (CMA) has released its latest survey rankings, spotlighting the banks that are excelling and those that are falling short.

The Fashion Central

HSBC set to unveil bigger profits as cost-cutting overhaul in focus

Rivals Barclays and NatWest set the tone for the banking sector when they reported stronger earnings this week.

Evening Standard

Why are U.S. banks flying gold from London to New York?

About 8,000 gold bars have been moved out of the Bank of England’s vaults in recent months

The Independent UK

Trump tariffs: Why is JPMorgan flying gold from London to NYC?

Fears that Trump could impose a blanket tax on all imports from Europe, including gold, has prompted a massive influx of the metal into the U.S.

Fortune

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Evening Standard

HSBC online and mobile banking working again after service outage

It follows recent outages at other major banks in recent weeks.

The Independent UK

HSBC hit by outage as users complain of being unable to log on

It follows recent outages at other major banks in recent weeks.

The Independent UK

HSBC down: Online banking and app not working in major outage

Outage comes after high-profile problems at banks across the high street

Evening Standard

Lewisham incident LIVE: Armed police lock down London high street in stand-off with knifeman

Police are at the scene alongside the London Ambulance Service

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Evening Standard

MPs quiz bank bosses over scale of IT failures after Barclays outage

The Treasury Committee, a cross-party group formed of 11 members, wrote to banks including Barclays, HSBC, Lloyds and Nationwide on Monday.

The Guardian - UK

Will the bonus bubbly still flow as reality bites for British banks?

Job losses, shakeups and the motor finance commission scandal will cast a shadow over lenders when they start reporting results this week

The Guardian - UK

HSBC considering boosting new CEO’s pay package to £15m

Planned overhaul would see Georges Elhedery’s salary cut, with bonuses potentially raising maximum pay by 43%

The Independent UK

Firms raising prices ahead of trade tariff hikes, report finds

A poll of 1,500 businesses by HSBC found 39% of are increasing prices in anticipation of higher tariffs.

International Business Times UK

HSBC Makes Global Rollbacks As It Scales Down Operations and Other Financial Services

The financial giant also noted that the move was aimed at simplifying its internal operations and focusing on its current key strengths.

Evening Standard

HSBC to wind down parts of investment banking units in UK, Europe and US

Georges Elhedery has overseen a significant shake-up of the London-based firm since taking over as chief executive last September.

Evening Standard

HSBC scraps global money app Zing a year after launch

The bank’s chief executive has instigated a series of changes since stepping into the role last year.

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