HSBC decision on the bank’s relocation looms – but redomiciling can have huge long-term consequences that could undermine the move February 8, 2016 As HSBC prepares to make a decision this week on whether to switch hemispheres, it’s worth reflecting on some of the reasons why 70 per cent of major organisational changes fail to achieve their stated aims. This relocation debate has been contested on a handful of very observable issues, including regulation, tax and politics, without caring to go into [...]
Investors pile on pressure over top HSBC pensions December 6, 2015 HSBC has made good the changes to executive pensions it promised in its last remuneration report, earlier this year. The bank will be cutting pension payments to its top executives from 1 January, bringing it in line with similar FTSE companies. The current arrangement means the banks chief executive, chairman, and two executive directors can [...]
HSBC isn’t leaving – but London can’t be complacent if it’s to stay the world’s best city for business February 16, 2016 No doubt there was much relief in the Treasury when HSBC announced that it will be keeping its international HQ in London. And the news gave everyone reassurance that London still has what it takes to house the headquarters – European or global – of international companies. Undoubtedly, centuries of stable, democratic government and the [...]
Peso plunges back to near-record low level against the dollar November 10, 2016 The Mexican peso has plummeted again today, after a volatile 24 hours of trading in the wake of yesterday's US election shock. The peso dove to a record low against the dollar yesterday after Donald Trump emerged victorious from one of the most hotly contested US Presidential elections in history. The Mexican currency dropped 11 [...]
Treasury committee chairman seeking assurances from high street bank bosses on IT health September 29, 2016 The chairman of the influential Treasury Select Committee (TSC) Andrew Tyrie has written to the chief executives of two of the UK's biggest banks over recent IT failures. City A.M. understands Tyrie will publish letters to the bosses of Royal Bank of Scotland and HSBC tomorrow morning. Tyrie has also written to the heads of the financial regulators the Financial Conduct [...]
Moody’s downgrades five Omani banks: BankMuscat, Oman Arab Bank, National Bank of Oman, Bank Dhofar and HSBC Bank Oman SAOG March 3, 2016 Credit ratings agency Moody's has downgraded five Omani banks, having slashed the country's credit rating last month due to low oil prices. Moody's downgraded the long-term deposit rating of BankMuscat, Oman Arab Bank, National Bank of Oman, Bank Dhofar and HSBC Bank Oman. It also kept their ratings under review for downgrade. The banks can no longer rely on the Omani government as a safety [...]
US regulators have been much harsher than their UK counterparts while European authorities have been even kinder… December 5, 2016 US regulators have slapped fines on banks at four times the level imposed by their UK counterparts in connection with interest rate and foreign exchange manipulation. A total of 12 banks have been fined $9.8bn (£7.7bn) by US authorities over the last four and a half years. This compares with £2bn imposed on 11 lenders by UK authorities. [...]
Homeward bound HSBC, City Hall race and oil glut make a busy 2016 January 7, 2016 Forecasting events in the City is frequently a fool’s errand but one thing’s clear from the first week of 2016: it is going to be a tough year for much of corporate Britain. Here’s where I think most of the action will be. 1. Among the first big decisions of the year will be delivered when [...]
HSBC boss Stuart Gulliver indicates bank may delay decision on moving headquarters to Asia or the US January 20, 2016 HSBC is expected to once again delay making a decision on whether or not it will relocate its headquarters. HSBC chief executive Stuart Gulliver said earlier today that the bank will provide an "update" next month on its plans to relocate its headquarters abroad – but the update may not include a final decision. Speaking at the World Economic [...]
Paris appeals to London for win-win Brexit solution, as it prepares for tens of thousands of workers to move February 6, 2017 An army of French lobbyists and politicians swept into London today in an attempt to lure finance executives to Paris. However, the delegation admitted they cannot steal London's financial crown, and instead want to forge a mutually successful relationship between the two cities post-Brexit. "We are not here to steal business from London," insisted Jean-Louis Missika, vice-mayor [...]