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The Latest Breaking News from HSBC

HSBC chief Noel Quinn to step down after ‘intense’ five years

Bank says it has started search for a successor as it reports quarterly profits beat forecasts

The Guardian - UK

Stocks Plunge Before the Open as Meta’s Revenue Forecast Disappoints, U.S. GDP Data and Earnings in Focus

Stocks Plunge Before the Open as Meta’s Revenue Forecast Disappoints, U.S. GDP Data and Earnings in Focus

June S&P 500 E-Mini futures (ESM24) are down -0.53%, and June Nasdaq 100 E-Mini futures (NQM24) are down -0.87% this morning as a disappointing revenue outlook for the current quarter from Meta weighed on sentiment, while market participants braced for a new round of U.S. economic data and quarterly reports…

HSBC Reports Chinese Wealth Driving US Investments Among Clients

HSBC Reports Chinese Wealth Driving US Investments Among Clients

HSBC reports Chinese wealth driving US investments, focusing on tech, real estate, healthcare sectors.

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Leading UK lenders raise fixed-rate mortgage deals amid ‘market uncertainty’

Borrowers urged not to panic as banks including Barclays, NatWest and HSBC readjust cost of loans

The Guardian - UK

Even a ‘rate shock’ for British mortgage borrowers may not help the banks

The prospect of home loan rates staying high for longer is not the tonic for lenders’ financial results it once was

The Guardian - UK

Best First Credit Cards in UK 2024: How To Apply, Eligibility, Card Fees, and More

Learn about fees, credit limits, eligibility, perks, and the role of credit scores when applying for UK credit cards for the first time.

International Business Times UK

West Virginia adds four banks to restricted institution list over ESG policies

West Virginia Treasurer Riley Moore (R) announced April 8 that four large banks and financial services firms—Citigroup, TD Bank, HSBC, and The Northern Trust Company—were ineligible to do business with the state under a 2022 state law prohibiting contracts with businesses that boycott fossil fuel companies. The announcement came after…

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Banco Galicia Optimistic After HSBC Deal In Argentina

Banco Galicia Optimistic After HSBC Deal In Argentina

Banco Galicia's acquisition of HSBC's operations in Argentina strengthens its market position and growth strategy in the evolving financial landscape.

HSBC To Offload Argentina Business, Absorbs $1 Billion Loss on Exit Deal

HSBC To Offload Argentina Business, Absorbs $1 Billion Loss on Exit Deal

HSBC announced its agreement to sell its business in Argentina for $550 million, with a $1 billion pre-tax loss in the first quarter of 2024.

International Business Times

HSBC exits Argentina nursing $1 billion in losses

Argentina exit followers earlier Mexican cocaine scandal

Evening Standard

Gold hits fresh record high; Fitch downgrades Thames Water parent company – as it happened

Gold hits fresh record high; Fitch downgrades Thames Water parent company – as it happened

Rolling coverage of the latest economic and financial news, as gold rises almost 1% today to $2,365 per ounce

The Guardian - UK

Morgan Stanley will not quit Canary Wharf as it signs new lease until 2038

Big-name tenants like HSBC, Clifford Chance and Moody’s recently announced plans to leave Canary Wharf for the City, but the US investment bank will not follow them

Evening Standard

HSBC Launches Tokenized Gold Product in Hong Kong

HSBC Launches Tokenized Gold Product in Hong Kong

The Gold Token is aimed at retail investors and is part of the government’s drive to build the city into a global virtual assets hub

Mortgage shock as two major lenders raise interest rates on some products while cutting prices on others

Mortgage brokers were baffled by some of the changes

Evening Standard

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The Guardian - UK

HSBC urges investors to back AGM vote opening way to higher bonuses

London-headquartered lender wants to take advantage of UK’s decision to scrap bonus cap

The Guardian - UK

HSBC and NatWest accused of financing North Sea oil extraction despite pledge

Campaigners call on banks to cease funding Ithaca, which is playing a key role in Rosebank oilfield plan

Evening Standard

Mortgage holders and house hunters eye looming inflation data before Bank of England interest rate call

City experts predict that rate of price rises will hit BOE’s target in one or two months’ time

Strength in Technology Stocks Leads the Broader Market Higher

The S&P 500 Index ($SPX ) (SPY ) this morning is up +1.05%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.37%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +1.63%. Stocks this morning are moderately higher, led by strength in technology stocks. Alphabet...

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Stocks Rally on Strength in Technology Stocks

The S&P 500 Index ($SPX ) (SPY ) this morning is up +1.00%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.24%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +1.67%. Stocks this morning are moderately higher, led by strength in technology stocks. Alphabet...

The Guardian - UK

Banks driving increase in global meat and dairy production, report finds

Financiers providing billion-dollar support for industrial livestock companies to expand leading to unsustainable rise in production

The Guardian - UK

Millions more in cash needed to fund UK’s open-banking watchdog

Exclusive: £10m needed for regulator charged with developing tools to thwart financial crime and protect consumers

Evening Standard

HSBC Innovation Banking needs to reaffirm its roots

City Comment: SVB UK had an intimate knowledge of the British startup scene. It mustn’t lose sight of that.

Evening Standard

Board exit at HSBC Innovation Banking

When HSBC acquired the UK arm of the collapsed Silicon Valley Bank last year, boss Noel Quinn talked up the importance of preserving its operational independence. The firm would keep its own separate office across town and staff would not be ferried into Canary Wharf. “It’s a unit we purchased and we want…

The Guardian - UK

When £17m isn’t enough: FTSE firms plead to pay bosses millions more

Confronted by the huge salaries on offer in the US, London boardrooms are lobbying to be allowed to make their own bosses even wealthier

West Virginia treasurer sends letter to financial institutions over ESG practices

West Virginia Treasurer Riley Moore (R) sent a letter on February 22, 2024, to six banks—including Citibank, TD Bank, and HSBC—warning that they may be ineligible for contracts with the state in 45 days unless they show that they do not illegally boycott fossil fuel companies.

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