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.
Global banks and other financial institutions that serve people considered responsible for China’s crackdown on civil liberties in Hong Kong will soon face sanctions, the U.S. State Department said Wednesday.
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.
U.S. Bancorp and Wells Fargo performed the worst for struggling U.S. mortgage borrowers at the height of the COVID-19 pandemic, according to a new analysis published Tuesday by an advocacy group for front-line bank employees.
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 world’s largest banks are better equipped to handle the current crisis than the rest of the sector as a result of regulation and restructuring imposed after the 2008 financial crisis, Moody’s said Thursday.
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.
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.
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 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.
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.