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HSBC to lay off 30000 employees by 2013

Thu, 08/04/2011 - 12:25 by Jamie Anderson

HSBC, Europe’s largest bank, aims to become lean in the United States and profitable worldwide.

Chinese manufacturing sector contracts in July

Mon, 08/02/2010 - 12:23 by Sophie Anderson

The Chinese administration’s clamping down on pollution causing and energy-intensive factories led to a contraction in the manufacturing sector in the ‘Workshop of the World’ for the 1st time in over a year.

Dubai's colossal debt shakes the world

Fri, 11/27/2009 - 14:42 by Ishita Sood

London, November 27 -- Stock markets fell around the world Thursday as investors worried over Dubai’s rising debt.

HSBC Q3 earnings “significantly” higher

Tue, 11/10/2009 - 17:24 by Ishita Sood

London, November 10 -- HSBC Holdings, Europe’s biggest bank, said in a statement Tuesday that its underlying third quarter pretax profit was “significantly” higher than the year-earlier period.

Senior Hong Kong banker convicted of indecent assault

Tue, 04/07/2009 - 11:28 by rcrchauhan

Hong Kong, April 7 -- A senior HSBC banker has been convicted of indecent assault after drunkenly groping a woman in a Hong Kong karaoke bar, a news report said Tuesday.

Michael Chan Chi-wang followed the 26-year-old woman into the washroom at the karaoke bar and grabbed her from behind, the Hong Kong Standard reported.

Chan, who is married and holds the job of vice president of commercial banking at HSBC Holdings PLC in Hong Kong, begged her not to report the matter to the police when she alerted the manager at the karaoke bar about the assault.

At a hearing Monday, Chan was found guilty of indecent assault over the September incident. He was sentenced to 160 hours of community service in the city's Eastern Court.

HSBC to cut jobs and raise $18 billion

Tue, 03/03/2009 - 07:31 by Rakhi Kaptiyal

London -- British bank HSBC Holdings said it would lay off 6,000 workers Monday as it struggles to overcome a sharp decline in net income.

The bank reported its income fell from $19.1 billion in 2007 to $5.7 billion in 2008, The New York Times reported Monday.

The bank said it would cut its 2008 dividend by 29 percent and try to raise $18 billion in fresh capital with a rights issue of shares.

The bank's existing shares have slid sharply on the stock market, losing 28 percent of their value this year. In January, Knight Vinke Asset Management said investors would be receptive to a capital-raising maneuver.

To date, HSBC has avoided use of any government bailout funds. But, it has struggled.

Its $15.5 billion purchase of Household International in 2003 made HSBC the largest subprime lender in the world. The bank, with a strong presence in emerging markets, has had to shore up Household International with billions of dollars, the Times said.