HSBC Holdings plc (Hong Kong)

Concise insights on global finance in the Covid-19 era.

HSBC Holdings PLC lowered its long-term profitability target on Tuesday and unveiled a revised strategy focused mainly on wealth management in Asia after the COVID-19 shock saw its annual profit drop sharply.

HSBC plans to nearly halve its office space globally over the long term as part of a cost-cutting drive set out on Tuesday, in a further sign the pandemic could mean permanent changes to working patterns.

Gymnasts know that failing to fully commit to a move increases the chances of landing face-first. Noel Quinn, chief executive of $124 billion HSBC, risks something similar with his half-hearted jump further into Asia.

HSBC plans to nearly halve its office space globally over the long term as part of a renewed cost-cutting drive set out on Tuesday, in a further sign the COVID-19 pandemic is leading companies to make drastic changes to working patterns.

European shares rose on Tuesday as strong commodity prices helped outweigh mixed corporate earnings updates, while British bank HSBC fell after it abandoned its long-term profitability targets.

HSBC Holdings PLC on Tuesday reported 34% drop in annual profit, slightly better than expectations, after a year in which its global business took a hefty blow from the COVID-19 pandemic.

HSBC is set to withdraw from U.S. retail banking, a source familiar with the matter told Reuters on Monday, as Europe's biggest bank seeks to dispose of a business that has long underperformed.

HSBC Holdings PLC will update its "transformation" plan announced a year ago on Tuesday, when the Asia-focussed lender also reports annual results.

A British judge on Friday blocked the release of internal HSBC documents relating to U.S. fraud allegations against Huawei Chief Financial Officer Meng Wanzhou.

A British judge on Friday blocked the release of internal HSBC documents relating to U.S. fraud allegations against Huawei Chief Financial Officer Meng Wanzhou.

Canada's attorney general says accusations that former U.S. President Donald Trump's interfered in Huawei chief financial officer Meng Wanzhou's extradition trial is irrelevant because he is no longer in office.

Arabesque has hired HSBC's global head of sustainable finance, Daniel Klier, to drive its data, advisory and research services as the ESG investment research and asset manager seeks to scale up its global offering.

An international coalition of lawmakers has written to HSBC Holdings Chairman Mark Tucker, calling on the bank to unfreeze Hong Kong pro-democracy activist Ted Hui's accounts.

HSBC Holdings Plc has drawn fire from an international coalition of senior politicians over its decision to freeze the bank account of prominent pro-democracy activist Ted Hui in Hong Kong, The Times reported on Monday.

UBS AG has appointed a senior HSBC banker, Tarek Eido, as head of wealth management in Qatar as the world's biggest wealth manager prepares to open a wealth management office in Doha, according to an internal memo.

NatWest has become the latest British lender to switch to issuing Mastercard debit cards from Visa, in an agreement that includes 16 million consumer and business customer cards.

Bankers know it pays to follow the money. Accordingly, HSBC could soon move some of its senior brass to Asia. There are good reasons for financial services giants to avoid putting global chiefs in Hong Kong or Singapore, but for the $108 billion UK-based bank a power shift...

HSBC Holdings PLC said on Monday it had set up a new private banking business in Thailand, the Asia-focused lender's second onshore expansion in Southeast Asia, as it seeks to grab a bigger share of the growing rich population.