HSBC is one of the largest banking and financial services organisations in the world. It has around 89 million customers throughout its four global businesses. It consists of 7,200 offices in over 80 countries. HSBC first opened for business in Hong Kong in 1865.
HSBC and First Trust Bank get into a bundle of trouble: HSBC and First Trust Bank have been found guilty of breaking competition rules by telling small businesses that they must open a current account in order to obtain a loan.
HSBC puts price of building banking ring-fence at £2 billion: Putting in place plans to ring-fence retail deposits from riskier areas of banking could cost HSBC as much as £2 billion, the bank has warned.
12 Oct '14
Is Anyone Surprised?
I am dealing with a deceased relatives estate and have had to talk and correspond with MANY, MANY organisations in this regard, and BY FAR THE MOST DIFFICULT to deal with has been HSBC. Conflicting information given by counter staff and evidently poor follow-up by the Bereavement Services Department or perhaps others, has led to explicit instructions for the estate management being delayed (even in comparison to much smaller financial institutions) or not undertaken at all. One can not help but take these things personally in such circumstances. Little wonder international bankers and traders have such a poor reputation - if they are meant to be the cream, it isn't surprising we get the parochial soured dregs at local levels. I note they are closing 3 or 4 local branches here - that bodes well, as interent banking is DEFINITELY the way forward. No sloped shoulders to be seen. HSBC YOU MUST TRY HARDER - especially when dealing with the bereaved of long standing customers. As if you care, that TV campaign to reward customer service excellence is such a poor joke. Poor indeed.
8 Oct '14
FT's Lombard on HSBC
A paper tiger scares HSBC Bosses: Both men, Directors of the U.K. subsidiary of HSBC, are stepping down. Their departures have been represented as protests at tougher regulation of senior bankers. The most eye-catching part of a package endorsed by U.K. regulators this summer is a new offence of criminal recklessness leading to the collapse of a financial institution. Senior, front-line bankers may have little to fear from the mooted law either, since prosecutors would struggle to prove an offence had been committed. But Mark Keidan of Cooke, Young & Keidan, a City law boutique, has a point when he says: “No one wants to be the subject of the test case on where lines should be drawn.” Both men work at a bank whose Chairman Douglas Flint has thundered against spiralling compliance costs. The coincidence is striking. However, HSBC and its Directors are right to make a stand. Their motives may be self-interested, but the effect may be public-spirited. If regulators merely displace capital to the wilder frontiers of shadow banking, they will have amplified systemic risks rather than tamed them.
4 Oct '14
You will probably get your target price for both banks sooner than you think.Banks are like the supermarket sector at the moment what looks like a bargain today turns into a disaster next week hard to call the bottom i think both sectors have changed forever even Lloyds Bank long awaited Dividend promised for next year is starting to look a bit dodgy. Im a large bus company sector investor the introduction of the free Senior Citizens bus pass as been a licence to print money for the bus companies i will wake up one morning my investment will 50% down all because the Goverment have decided to abolish the passess. Thats the risk you take in investing in shares. Good Luck
3 Oct '14
One thing to bear in mind is while I agree its going to be very difficult for some countries to pay back dept no one can predict when this crunch might come, could be days, months, years or decades even. I sold my HSBC a week back and wont buy again unless it's 6 pounds or less. Looking at standard too but want sub 11.00
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