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The Latest Breaking News from HSBC

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

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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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HSBC online and mobile banking working again after service outage

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

Evening Standard

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

The Independent UK

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

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.

Evening Standard

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 Guardian - UK

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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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InsideEVs

Trump's War On EVs Is Already Off To A Bad Start

Allow me to let you in on a crazy little secret about the United States: We're actually doing very well on the auto industry's ongoing electric vehicle transition. Yes, really.

The Guardian - UK

Citigroup commits to office working with £1bn Canary Wharf tower revamp

US bank will spend almost as much to renovate Citi Tower skyscraper as it paid for site in the first place

Barchart

Is AMD Stock a Buy, Sell, or Hold on HSBC’s Double Downgrade?

AMD stock fell after an analyst slashed his price target and rating on the stock due to Nvidia competition and weak AI GPU demand.

The Independent UK

HSBC urges people to take up support as new figures reveal scale of housing crisis

Over 67 per cent of people with housing costs such as rent and mortgages in England have reported experiencing unforeseen pressures over the last year, a survey from HSBC and Shelter shows

Evening Standard

Former Gordon Brown spokesman to drive UK’s efforts to reset EU relations

Michael Ellam returns to the Civil Service after more than a decade at HSBC.

Fortune

Europe's millionaires are taking kids to bespoke events to prepare them for wealth transfer

Founders are scared their kids are too lazy or lack the skills to take over their businesses, so they're trying to get them ready.

Kiplinger

Stock Market Today: Stocks End Mixed After FOMC Minutes

The minutes from the December Fed meeting signaled central bankers' uncertainty over potential Trump administration policies.

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