The U.S. Federal Reserve has corrected stress test results for five of the country’s largest banks after discovering an error in projected trading losses, decreasing the capital requirements for Goldman Sachs and Morgan Stanley as a result.
HSBC’s U.S. unit has appointed an executive who oversaw its first green wealth initiative to lead its wealth management division, showing the U.K.-based bank’s increased commitment to sustainable investing.
The Singaporean Exchange said Tuesday that it completed a pilot digital bond issuance on its digital asset platform with HSBC Singapore and state-owned investor Temasek on behalf of agribusiness company Olam International, representing the first digital syndicated public corporate bond in Asia.
A federal judge in Australia allowed an Australian bank payments consortium to move forward with its case against U.S. payment settlement startup Ripple Labs over the alleged misuse of its registered trademark, according to a court order unveiled Tuesday.
A merger between two U.S. banks will create the largest Black-owned lender in the country, with $1.1 billion in assets, as the financial sector continues efforts to promote more diversity within its upper ranks.
U.S. Secretary of State Mike Pompeo blasted HSBC for allegedly blocking bank accounts tied to the pro-democracy movement in Hong Kong, again accusing the bank of becoming a political tool used by China to carry out its “coercive bullying tactics” against the U.K.
HSBC’s asset management division is providing a big boost to a less prominent segment of sustainable investing — in “natural capital” assets — by partnering with global climate change advisory and investment firm Pollination Group on a series of billion-dollar funds.
Hong Kong’s financial sector is seeing a rebound driven by a surge in fund inflows and initial public offerings, even as the city struggles to shake off the pandemic and controversy surrounding a new China-imposed security law.
Belgian prosecutors have launched an investigation to see if Credit Suisse helped around 2,650 Belgian residents and clients hide their money from tax authorities.
HSBC Global Asset Management launched its fifth exchange traded fund on Thursday with an offering for Asia Ex-Japan, building on a lineup that it initially rolled out in June.
HSBC’s U.S. affiliate debuted an app that will allow bank customers to open U.S. checking accounts remotely from anywhere in the world without needing to visit a bank branch in person.
Taiwan plans to continue opening up its economy with the intent of becoming an Asian financial hub, President Tsai Ing-wen said Wednesday, as Hong Kong’s future as a global financial center hangs in the balance because of increased pressure from mainland China.
First Direct, HSBC’s digital bank, will switch its debit cards from Visa to Mastercard as the world’s second-largest payment card firm continues to challenge its rival’s market share in Europe through bank partnerships.
State Street has opened its first office in Saudi Arabia and hired away an executive from emerging markets investment specialist Ashmore Group to oversee its operations in the kingdom, the U.S. asset manager said Thursday.
NatWest will cut around 550 full-time roles and close a London office after posting a GBP 1.3 billion ($1.7 billion) loss in the second quarter, a spokesperson for the British retail and commercial bank told Fastinform on Wednesday.
Banks in the U.K. are bulking up reserves for loan losses at an alarming rate, more than those in any other European region, suggesting a weakening economy could be on the horizon for the country, Fitch said.
A glitch in Bank of America’s system caused some online and mobile banking users to see an incorrect $0 balance on their accounts, stirring panic among some customers who claimed they also struggled to access their money from ATMs.
Democrats in the House and Senate banking committees unveiled legislation on Wednesday that would make unprecedented changes to the mission of the U.S. Federal Reserve, creating a mandate to reduce racial disparity across the economy.
Seventy global investors controlling more than $16 trillion pitched a novel framework Wednesday that they say should enable asset owners and managers to heed intensifying calls to cut carbon out of their portfolios by 2050.
HSBC plans to hire as many as 3,000 wealth planners in mainland China, as the bank sharpens its focus on managing high value Asian accounts, despite rising global human rights concerns over China’s treatment of Hong Kong.