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HSBC turns positive on unloved Southeast Asian stocks

SINGAPORE — Beaten-down equities in Southeast Asia have become irresistibly cheap, according to analysts at HSBC who recommend investing in Indonesia and across the...

Downgrades issued by HSBC Research, Nomura after dismal GDP data

TWO major institutions downgraded their full-year growth forecasts for the Philippines in 2020 in the wake of the 16.5% contraction in second-quarter gross domestic product (GDP), with HSBC Research pricing in what would be a record contraction for the year of 9.6%.

Economy may shrink by 3.9% due to negative consumer sentiment —...

THE economy could shrink by 3.9% this year due to continued negative consumer sentiment and a fragile and volatile recovery from the pandemic, according to the Hongkong and Shanghai Banking Corp.’s (HSBC) private banking unit.

HSBC, Citi speed up digital push to ward off upstarts

BANKS IN Asia’s financial hubs such as HSBC Holdings Plc and Citigroup, Inc. are finding that the disruption from the coronavirus outbreak is helping them push back on a threat from a breed of virtual upstarts.

HSBC cuts top investment bank jobs despite freeze

LONDON/HONG KONG — Hongkong and Shanghai Banking Corp. (HSBC) has cut a number of top management roles in its investment bank, memos seen by Reuters showed, a sign that Chief Executive Officer (CEO) Noel Quinn is pressing on with plans to shake up the group despite having put a wider job cut program on hold.

Hong Kong banks face virus toll on asset quality, loan growth

HONG KONG — Hong Kong’s banks face at least two quarters of worsening asset quality and slowing loan growth as the coronavirus outbreak hits trade and consumer banking, analysts and bankers said.

Mustier pulls out of HSBC race in blow to bank

UNICREDIT SPA’S Jean Pierre Mustier pulled out of the race to become chief executive officer of HSBC Holdings Plc, a rejection that adds to uncertainty at the top of Europe’s largest lender and extends the search for a new boss into its seventh month.

This revamp will be different, says HSBC boss

HONG KONG/LONDON — Noel Quinn, the interim chief executive of Hongkong & Shanghai Banking Corp. (HSBC), says this time things are going to be different.

HSBC to shed assets, slash jobs over three years

HONG KONG/LONDON — HSBC Holdings said on Tuesday it would shed $100 billion in assets, slashing the size of its investment bank and revamping its US and European businesses — in a drastic overhaul that will mean 35,000 jobs cut over three years.

HSBC braces for huge overhaul as Quinn battles fires

FROM ITS headquarters near the Thames to its Asian hub by the South China Sea, HSBC Holdings Plc is abuzz.

HSBC overhauls Europe business’ management

HSBC Holdings Plc is overhauling the management of its struggling European business, weeks ahead of a strategic review across its global operations.

Hong Kong’s iconic HSBC lions caught in protests’ crosshairs

EXPERTS IN Hong Kong could be facing a dilemma unseen in more than six months of protests: How to clean a pair of iconic bronze lion statues that have stood guard over HSBC Holdings Plc’s main offices for decades as one of the city’s foremost symbols of colonial-era largess.

HSBC agrees to pay $192M to resolve decade-long probe

HSBC HOLDINGS Plc admitted that it helped hundreds of American clients hide more than $1 billion in assets from the Internal Revenue Service and agreed to pay $192.4 million to resolve a decade-long US tax investigation.

HSBC and RBS set to launch new digital banking platforms

LONDON — British banking heavyweights HSBC and RBS are launching new digital banking platforms, as competition for digitally savvy customers steps up in the face of a wave of online startups.

HSBC cuts Hong Kong prime rate

HSBC HOLDINGS Plc lowered its Hong Kong prime lending rate for the first time in 11 years, underscoring the economic challenges facing the financial hub.

HSBC sticks to plan for Asia wealth hiring after exits of...

HSBC HOLDINGS Plc is sticking with hiring plans for its wealth business in Asia following the surprise exit of two senior executives who pushed for the strategy.

HSBC axes CEO Flint after only 18 months to speed up...

HONG KONG/LONDON — HSBC ousted Chief Executive Officer John Flint after just 18 months in that role, in a surprise move that the lender’s chairman said was necessary to accelerate progress of its strategic priorities.

Australia’s bank watchdog raps Macquarie, HSBC, Rabobank for liquidity report breach

SYDNEY — Australia’s banking regulator said on Wednesday it has ordered Macquarie Group Ltd. and the domestic units of Rabobank and HSBC to tighten their local funding arrangements, saying the banks had breached liquidity reporting requirements.

HSBC boosts Philippine private banking business

THE HONGKONG and Shanghai Banking Corp. Ltd. (HSBC) has expanded its private banking presence in the Philippines by deploying more relationship managers to service the growing wealth market.

Asia junk bonds may return 14%

HSBC PRIVATE BANKING has joined a growing number of funds that are bullish on Asia’s junk bonds and expect further gains after a strong rally in the first quarter.

HSBC appoints new president and CEO for PHL

THE HONGKONG and Shanghai Banking Corp. on Monday named a new president and CEO for its Philippine operations after its former chief left the bank to head a local lender.

PNB hires former HSBC CEO to replace retiring president

Philippine National Bank (PNB) president Reynaldo A. Maclang will retire from his post mid-November, to be replaced by a bank executive from a global...

Veloso steps down as president of HSBC Philippines

HSBC (Philippines), Ltd. said its president and chief executive officer Jose Arnulfo “Wick” A. Veloso has stepped down from his position.

HSBC Philippines president resigns

HSBC (Philippines), Ltd. said its president and chief executive officer Jose Arnulfo "Wick" A. Veloso has stepped down from his position. In a statement, HSBC...

HSBC to roll out more digital services for firms

THE HONG KONG and Shanghai Banking Corp. (HSBC) is looking to roll out more mobile services to corporate clients in the Philippines over the coming year, following a jump in its credit card business secured through digital platforms.

US unit to be challenging piece in HSBC’s strategy

FIXING HSBC Holdings Plc’s troubled US division will be one of the toughest parts of the lender’s new $17-billion strategy, Chief Executive Officer John Flint said.

HSBC sees faster growth in remittances this year

Cash remittances are expected to grow faster this year as overseas Filipino workers (OFWs) will likely take advantage of a weaker peso to send...

HSBC trader’s conviction will echo through the $5-trillion FX market

GLOBAL CURRENCY traders and compliance officers who monitor them were put on high alert after a New York jury convicted a former HSBC Holdings...

Google tools up to fix ads in wrong places

LONDON — Google, which has seen a slew of companies withdraw ads after they appeared alongside extremist content, said Tuesday it was introducing new...