Credit ratings agency Moody’s downgraded its ratings of HSBC, Lloyds Bank and Santander’s U.K. divisions on Tuesday, just days after it also cut the British government’s sovereign debt rating.
HSBC may stop doing business with 40 French companies en route to completing its massive global restructuring, dumping one-fifth of its corporate client base in the country.
The Facebook-backed Libra Association said Thursday it appointed financial services veteran Ian Jenkins to the dual roles of chief financial officer and chief risk officer for the unit tasked with overseeing its planned crypto payments system, as the group continues to prep for a full launch.
HSBC was not involved in arranging a recent $6 billion Chinese government dollar bond sale, an unusual move for the U.K.-based financial institution, which has long had strong ties with the country, Bloomberg reported Tuesday.
HSBC on Friday became the latest bank to vow to align its portfolio with the Paris Agreement, saying that it would provide between $750 billion and $1 trillion in investments over the next decade to support the transition to a low-carbon economy.
HSBC’s U.S. subsidiary revealed plans to launch a new managed portfolio that invests in global companies that have a leading presence in the digital innovation space, as the bank looks to help investors take advantage of the sector's accelerated growth due to the global pandemic.
Fifty-five financial institutions including HSBC, Standard Chartered and Crédit Agricole joined a global initiative that awards stamps of approval to companies that meet science-based climate targets in alignment with the Paris Agreement.
Ping An Group, the top shareholder of HSBC, has lifted its stake in the bank to 8% as the U.K. lender continues its pivot to China, a strategy which has drawn scrutiny from Western politicians amid rising political tensions.
HSBC Bank USA said Thursday it had created the new position of U.S. head of inclusion and culture, a role focused on growing the bank’s diversity efforts in response to continued demands for better minority representation at major companies.
Former HSBC Chief Operating Officer Andy Maguire has joined cloud banking technology company Thought Machine as chair of the company’s board, the London-based startup said Wednesday, following the company’s $125 million Series B funding round.
A U.S. federal judge approved an aggregate $187 million settlement agreement resolving an antitrust class action against seven of the world’s largest banks that claimed the banks colluded to misreport and manipulate LIBOR rates, harming eurodollar investors.
The Facebook-backed Libra Association said on Thursday that it appointed former HSBC executive James Emmett as the CEO and managing director of Libra Networks, the unit tasked with developing and operating the company’s cryptocurrency payments system.
The U.K.’s biggest banks are likely to see troubled loans surge by 2022 as the fallout from the coronavirus pandemic eats its way through the economy, Moody’s said in a report Tuesday.
Bank of America has wooed Zhang Wenjie, a former HSBC mainland China executive, to join as a managing director and president of China, the South China Morning Post reported Monday, a departure that comes as HSBC has made the country the cornerstone of its growth strategy.
HSBC has joined Mastercard’s City Possible program to accelerate sustainable urban development, with the companies saying Thursday that they plan to work together to craft an approach to green financing for sustainable projects in “net-zero” cities worldwide.
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.
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 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.
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.
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.