HBC1.F - HSBC Holdings plc

Frankfurt - Frankfurt Delayed Price. Currency in EUR
6.58
+0.06 (+0.95%)
As of 12:03PM CEST. Market open.
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Previous Close6.52
Open6.55
Bid6.58 x 1000000
Ask6.59 x 1000000
Day's Range6.55 - 6.58
52 Week Range6.41 - 8.00
Volume300
Avg. Volume4,068
Market Cap132.679B
Beta (3Y Monthly)0.49
PE Ratio (TTM)9.53
EPS (TTM)0.69
Earnings DateN/A
Forward Dividend & Yield0.36 (5.47%)
Ex-Dividend Date2019-08-15
1y Target EstN/A
  • HSBC CEO John Flint ousted
    Yahoo Finance Video

    HSBC CEO John Flint ousted

    The Chief Financial Officer of HSBC John Flint is leaving the company after just 18 months on the job. Yahoo Finance's Brian Cheung joins The First Trade to discuss.

  • Are Virtual Banks a Threat to Hong Kong’s Big Banks and Their Shareholders?
    Motley Fool

    Are Virtual Banks a Threat to Hong Kong’s Big Banks and Their Shareholders?

    Virtual banks are looking to disrupt Hong Kong's banking sector. But how much of a threat are they to the traditional banks and their businesses?

  • Are HSBC Holdings Shares Cheap Right Now?
    Motley Fool

    Are HSBC Holdings Shares Cheap Right Now?

    HSBC's shares have fallen over 10% since late July. But does this Asian banking giant still have long-term potential?

  • Financial Times

    Correction: HSBC

    HSBC’s share price is close to 600p, not 800p as wrongly shown in a chart accompanying an article on August 20 that showed an incorrect axis. Copyright © 2015 The Financial Times Limited. Please don't ...

  • Financial Times

    HSBC urges peaceful resolution to Hong Kong protests

    HSBC and Standard Chartered have broken their silence on the anti-government protests that have rocked Hong Kong in recent months, calling for a peaceful resolution to the crisis in full-page advertisements in local newspapers on Thursday. HSBC — which takes its name from Hong Kong and Shanghai, where it was founded 154 years ago — has sought to appear neutral as the protests have intensified. Beijing has ratcheted up the pressure on international businesses that operate in Hong Kong and mainland China to take a pro-government stance and fire employees that have shown support for the protests.

  • HSBC Weighs Bid for Aviva’s Asian Assets in Diversity Push
    Bloomberg

    HSBC Weighs Bid for Aviva’s Asian Assets in Diversity Push

    (Bloomberg) -- HSBC Holdings Plc, the bank that shook up its senior leadership this month, is considering a bid for Asian operations being sold by Aviva Plc as it seeks ways to diversify its business in the region, people with knowledge of the matter said.London-based HSBC is in the early stages of weighing an offer for at least part of Aviva’s Asian business, the people said, asking not to be identified because the information is private. A deal would help HSBC bolster its insurance presence in Singapore and other parts of Southeast Asia, the people said.Aviva, the U.K. insurance conglomerate whose shares have dropped 27% in the last 12 months, confirmed in August it’s examining options for its Asian business as new Chief Executive Officer Maurice Tulloch’s turnaround takes shape. The company’s operations in the region could be valued at about $3 billion to $4 billion, with an official process slated to kick off later this year, Bloomberg News reported earlier.Other suitors are also considering bids for the Aviva assets, the people said. No final decisions have been made, and there’s no certainty the deliberations will result in a transaction, the people said. Representatives for HSBC and Aviva declined to comment.Shares of HSBC fell 0.6% as of 2:01 p.m. in Hong Kong on Thursday, while they rose 0.2% to 598.30 pence in London on Wednesday. Aviva’s American depositary receipts rose 2.1% in New York over-the-counter trading. The company’s London-listed shares rose 0.1% to close at 358.50 pence.Earlier in August, HSBC abruptly ousted Chief Executive Officer John Flint after just 18 months. Chairman Mark Tucker was increasingly at odds with Flint over the CEO’s focus on expansion in China, people with knowledge of the matter said at the time. The head of HSBC’s China business resigned the same week, and the bank unveiled a new round of job cuts that could eliminate 4,000 roles.Hong Kong, where HSBC generates more than half of its pretax profit, has for weeks been roiled in protests that have left the business and financial elite increasingly concerned about the city’s growth prospects. The bank’s presence in the rival Asian hub of Singapore is smaller than some international competitors such as Standard Chartered Plc.Aviva has been capitalizing on the surging ranks of middle class consumers in Asia, many of whom are newcomers to life insurance policies. Singapore is the company’s largest market in Asia, with its life insurance unit there generating 1.3 billion pounds ($1.6 billion) in new business and 141 million pounds in adjusted operating profit last year, according to its latest annual report.What Bloomberg Intelligence Says“Aviva’s Singapore business will be front and center as it mulls its Asian segments, including the option to sell them. The insurer may be inclined to sell its Asia units as a package, as smaller units may have less M&A appeal without the dominant Singapore segment. For suitors, there should be strong consolidation interest in Singapore. Regional peers such as Singapore-based FWD and Japanese insurers might also consider Aviva’s units in China, India, Indonesia and Vietnam.”\-- Steven Lam, insurance analyst\--Click here for the research(Updates to add Bloomberg Intelliegence report.)\--With assistance from Will Hadfield, Dominic Lau, Manuel Baigorri and Stefania Spezzati.To contact the reporters on this story: Dinesh Nair in London at dnair5@bloomberg.net;Ambereen Choudhury in London at achoudhury@bloomberg.net;Jan-Henrik Förster in Zurich at jforster20@bloomberg.netTo contact the editors responsible for this story: Aaron Kirchfeld at akirchfeld@bloomberg.net, ;Sree Vidya Bhaktavatsalam at sbhaktavatsa@bloomberg.net, Ben Scent, Amy ThomsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Financial Times

    HSBC: Chinese headwinds threaten to blow bank off course

    When Liu Xiaoming, China’s ambassador to the UK, gave an address at HSBC’s Chinese new year party in February, he was full of praise for the bank. Speaking in the walnut-panelled United Nations Ballroom ...

  • HSBC reshuffles decks as the bank braces for a more challenging operating environment
    South China Morning Post

    HSBC reshuffles decks as the bank braces for a more challenging operating environment

    John Flint, then-HSBC chief executive, declared in June of last year that it was time for the bank "to get back into growth mode".Under his predecessor Stuart Gulliver, the lender, once known in its advertising as the "world's local bank", had cut thousands of jobs, shrunk its global footprint from 87 countries to 67 and spent tens of millions of dollars to revamp its compliance following a scandal over its money-laundering controls that saw it pay US$1.9 billion in a settlement with US authorities.The outlook was generally positive at the time: central banks, including the Federal Reserve, had begun tightening after a decade of historically low interest rates. And Flint was betting HSBC could further expand its business in fast-growing Asian markets which account for about half of its revenue. HSBC's CEO makes surprise departure as bank seeks new growthFlint's unexpected exit shows the lower tolerance that HSBC's directors have for underperformance, particularly as the lender faces more challenging market conditions, according to analysts. The bank missed a key target for expense growth last year and a more positive first half opened the door for a smooth exit.Mark Tucker, the HSBC chairman, said last week the decision to replace Flint was about the bank's future and cited the "pace, ambition and decisiveness" of interim CEO Noel Quinn as "absolutely essential to capitalise on the opportunities ahead".The abrupt departure of Flint was a "surprise" to many in the company, executives say, but comes as the bank faces a much more difficult operating environment than it did when Flint, a career HSBC executive, took over as CEO in February 2018.The year-long US-China trade war cut into business sentiment globally as some companies were delaying future investments, sending some investors to the sidelines as recession fears grow. Sogo operator worried over outlook as protests, trade war hit salesHong Kong " HSBC's biggest market " has been hit by two months of protests, which is starting to hurt the economy, even though the bank said the effect on its business has been "limited" so far.Plus, central banks are becoming dovish as the outlook for the global economy has weakened, which could put pressure on the bottom lines of HSBC and other banks, analysts said."Global uncertainty has changed sentiment and further [interest rate] rises are unlikely, and we may see some of the improved net interest margin reverse in 2019," Paul McSheaffrey, head of banking and capital markets at KPMG China, said in a recent report.Another nail in the coffin for Flint may have been HSBC's share price."Whilst the abrupt CEO's exit without the appointment of a successor shows weaknesses in corporate governance, it also signals the board's intention to more aggressively target underperforming businesses and cost structure, which " if appropriately executed " would improve efficiency and profitability of the group," Alessandro Roccati, a Moody's Investor Services senior vice-president, said.S&P; Global Ratings said the ousting of Flint shows an "increased ruthlessness" on the part of HSBC's directors when it comes to middling performance.HSBC executives said that the abrupt departure of John Flint was a "surprise" to many in the company. Photo: Reuters alt=HSBC executives said that the abrupt departure of John Flint was a "surprise" to many in the company. Photo: ReutersHSBC expects to take six to 12 months to find a replacement and look at candidates both inside and outside the bank."I think we're looking again for somebody with ability to deal with scale, ability to deal with multiple geographies, ability to understand Asia, ability to understand banking, again, both tactically and strategically focused, someone who will continue to move with pace and think about the simplification, and somebody who has a great ambition for the group," said Tucker. HSBC's Greater China head Helen Wong quitsThe bank has been quietly reassuring officials in Beijing that it had an obligation under financial regulations in the US and a court-ordered monitorship at the time to comply with requests for information by authorities about its dealings with Huawei, according to people familiar with the effort.HSBC has declined to comment, saying it is not a party to the criminal case against Meng.HSBC has had to reassure Beijing over its involvement in the US investigation of Huawei Technologies, after its CFO Meng Wanzhou was arrested in Canada. Photo: Reuters alt=HSBC has had to reassure Beijing over its involvement in the US investigation of Huawei Technologies, after its CFO Meng Wanzhou was arrested in Canada. Photo: ReutersLast month, HSBC also was ordered by the Malaysian government to transfer more than 1 billion ringgit (US$238.5 million) from an account held by the state-owned China Petroleum Pipeline Engineering in a dispute over a pipeline project that was suspended last year. HSBC has declined to comment.There have been calls by some netizens in China to add HSBC to the unreliable list since word of the bank's cooperation in the Huawei case and the Malaysian seizure became public. On July 15, the day after the funds seizure in Malaysia, a blog operated by China's state-owned Beijing Daily newspaper started publishing calls to put HSBC on the unreliable list.The Chinese Ministry of Commerce, responsible for the list, has said it is still in the process of preparation and declined to comment on specifics.Staying on Beijing's good side is critical as mainland China becomes a larger component of the bank's business, particularly as the country's financial services industry opens further.In the past four years, HSBC has opened the first majority-owned joint venture securities company in China, debuted a sole-branded credit card and doubled the size of its workforce. In July, the bank said that it was creating a US$880 million technology fund to provide financing to early stage companies in the Greater Bay Area.Tucker, the HSBC chairman, said that the company remains committed to its strategy, which is heavily reliant on growth in mainland China and Hong Kong.Operating income, which is similar to revenue in the US, rose 5.9 per cent to US$7.54 billion in the bank's Asia business in the second quarter. HSBC to cut 2 per cent of its workforce as bank looks to reduce costsDespite the positive quarter, HSBC said last week that it would cut less than two per cent of its workforce. That was less dramatic than the 18,000 job cuts announced at Deutsche Bank in July, but represented an admission that the bank, which employs nearly 238,000 people worldwide, needed to reduce the pace of its expense growth to achieve its target for returns in 2020."We could see the revenue outlook softening. We knew to get to 11 per cent [return on tangible equity] we had to get there a different way," Ewen Stevenson, the HSBC CFO, said.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.

  • Financial Times

    Bank needs an outsider to overhaul its operations

    It is inexcusable that the chair of HSBC (albeit with a fraction of the time), the outgoing CEO, the board and last but not least major influential institutional investors failed to pick the correct candidate. It is surprisingly unlike HSBC to act with such speed and therefore one presumes with a sense of urgency. Institutions do not wish to see another penny “invested” in the investment bank.

  • HSBC Greater China chief Wong leaves for external role
    Reuters

    HSBC Greater China chief Wong leaves for external role

    HSBC Holdings' Greater China Chief Executive Helen Wong is leaving, a bank spokeswoman said on Friday, the second senior departure this week after the ousting of group CEO John Flint. Wong has decided to leave to pursue an external opportunity, the spokeswoman said, adding that her role will be dropped and the Greater China region, which includes Hong Kong and Taiwan, would be run by the respective country heads. Greater China is HSBC's biggest profit driver, but the banking sector outlook in the region has been clouded by the tit-for-tat tariff war between China and the United States, as well as unrest in Hong Kong.

  • South China Morning Post

    HSBC's Greater China head Helen Wong quits as bank loses second heavyweight in a week

    HSBC, the largest lender in Hong Kong, has lost its second senior management within a week.The bank's Greater China chief executive Helen Wong Pik-kuen has resigned and will start on leave from Saturday, according to an internal memo seen by the South China Morning Post.Wong, who joined HSBC in 1992, "has decided to leave HSBC to pursue an external opportunity", according to the memo sent by her boss, Peter Wong Tung-shun, deputy chairman and chief executive of Asia-Pacific, to all 47,000 staff in the Greater China region which she oversaw.Wong's departure comes after the lender's surprise announcement on Monday that its group chief executive John Flint has left after 18 months on the job.While Flint will be replaced on an interim basis by global commercial banking head Noel Quinn, there will be no replacement for Wong's position, and her responsibilities will be shared by the four heads of Hong Kong, Macau, Taiwan and mainland China, an HSBC spokeswoman said."Our four CEOs across Greater China are in a strong position to continue collaborating to deliver our Greater China growth strategy. Therefore, there will be no replacement," the spokeswoman added.They are Diana Cesar in Hong Kong, PH Lau in Macau, David Liao in mainland China and Adam Chen in Taiwan.The region under Wong was the largest at HSBC Group in terms of staffing, with 21,000 employees in Hong Kong and 26,000 on the mainland, which together represents 20 per cent of its 235,000 global staff, according to figures from the bank.It is also a challenging region as she needed to help customers in Hong Kong and China deal with the impact of the year-long US and China trade war.Financial Secretary Paul Chan Mo-po on Wednesday warned that Hong Kong might slide into recession in the third quarter because of the trade war and the increasingly violent protests in the city against the now-abandoned extradition that has now entered a third month. HSBC helps China's manufacturers expand their production lines in Southeast Asia to dodge trade war tariffsDespite the headwinds, HSBC's pre-tax profit from its Hong Kong operations still rose 11 per cent to US$3.15 billion in the second quarter, the bank said on Monday.The spokeswoman said Wong's decision to leave has "no connection with Huawei, no connection with former group chief executive John Flint leaving the bank, and no connection with the job cut plan mentioned on 5 August".HSBC on Monday announced a plan to cut less than 2 per cent of its workforce to reduce the rate of its cost growth in a more challenging market environment.Wong had worked briefly at other lenders before joining HSBC and worked in many of its departments.Peter Wong's memo noted her contribution in maintaining HSBC's presence as the largest foreign bank on the mainland. "During her tenure as chief executive of Greater China she was a strong supporter of RMB [yuan] internationalisation and sustainable finance as well as HSBC's presence in the Pearl River Delta."This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.

  • Tackle investment bank first, investors tell HSBC's caretaker boss
    Reuters

    Tackle investment bank first, investors tell HSBC's caretaker boss

    A swift turnaround at HSBC's investment bank - the Global Banking & Markets (GBM) business run by Samir Assaf - would reassure investors and could spare Chairman Mark Tucker the task of finding someone else to fill one of banking's toughest roles, investor and HSBC insider sources said. "HSBC's culture is not that easy to shift and it seems clear Mark [Tucker] is intent on that.

  • HSBC Global Asset Management names Nicolas Moreau as CEO
    Reuters

    HSBC Global Asset Management names Nicolas Moreau as CEO

    Moreau, former head of AXA France and Deutsche Bank's DWS unit, replaces Sri Chandrasekharan, who will be moving into another senior role within HSBC Group, the lender's asset management business said. Moreau will be based in London, it added.

  • HSBC Interim CEO Demands Action From Managers After Flint’s Exit
    Bloomberg

    HSBC Interim CEO Demands Action From Managers After Flint’s Exit

    (Bloomberg) -- HSBC Holdings Plc’s interim chief said he wants “less process and more action” in his first call with senior managers after John Flint was abruptly ousted from the top job.“We need to be more granular in the execution plan to deliver,” Noel Quinn said on a call with managers earlier Tuesday, according to remarks recounted to Bloomberg News. “We need to be honest with ourselves on what is working, and what is not.” Quinn was head of HSBC’s global commercial banking arm until the announcement of Flint’s departure.The focus should be on growth, Quinn said. Chief Financial Officer Ewen Stevenson also joined the call, saying the bank has to make good on its promises to investors.Europe’s largest lender removed Flint after just 18 months, citing the demands of an “increasingly complex” environment, and announced a new round of job cuts. During Flint’s short tenure as chief executive officer, the 238,000-employee bank grappled with a declining stock price, a high-profile sexual harassment case at its investment bank and a failure to hit cost targets.“I want to increase the pace of the execution and I want to do it in a more simplified fashion: less process, more action,” Quinn, who has worked at HSBC for 32 years -- a similar tenure to Flint’s -- said during the call.The interim CEO also said that it’s tough to be both a domestic bank and an international bank in about 60 countries. The strategy in China and Hong Kong remains unchanged, he said.A spokeswoman for HSBC declined to comment.HSBC made close to 80% of its pretax profit from Asia in the first half of the year, and the bank has said that the performance of its U.S. and European operations is below what it expects. Speaking on Monday, Stevenson said the returns from Europe were “unacceptable,” while in the U.S., the bank said it would miss the return target it had set for next year.HSBC announced a $1 billion stock buyback on Monday, and second-quarter pretax profit of $6.2 billion that exceeded analysts’ estimates. But the financial results were overshadowed by Flint’s surprise exit.“Yesterday was a difficult day for a lot of us, and it was a particularly difficult day for John,” Quinn said.(Updates with more details from seventh paragraph.)To contact the reporters on this story: Stefania Spezzati in London at sspezzati@bloomberg.net;Harry Wilson in London at hwilson57@bloomberg.netTo contact the editors responsible for this story: Ambereen Choudhury at achoudhury@bloomberg.net, Keith Campbell, Marion DakersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • HSBC agrees to 300 million euro settlement of Belgian tax fraud case: prosecutors
    Reuters

    HSBC agrees to 300 million euro settlement of Belgian tax fraud case: prosecutors

    HSBC's Swiss private banking arm has agreed to pay nearly 300 million euros ($336 million) to settle a tax fraud case in Belgium, Belgian prosecutors said on Tuesday, the latest blow for the Alpine state's banking sector from the EU. The settlement comes after a French court in February ordered UBS, another Swiss lender, to pay 4.5 billion euros in penalties for illegally soliciting clients and laundering the proceeds of tax evasion. Swiss banks have been exposed to such legal challenges since 2004, when Bern agreed to apply a European Union tax on the savings income of its lenders' EU clients.

  • Reuters

    UPDATE 2-HSBC agrees to 300 mln euro settlement of Belgian tax fraud case -prosecutors

    HSBC's Swiss private banking arm has agreed to pay nearly 300 million euros ($336 million) to settle a tax fraud case in Belgium, Belgian prosecutors said on Tuesday, the latest blow for the Alpine state's banking sector from the EU. The settlement comes after a French court in February ordered UBS, another Swiss lender, to pay 4.5 billion euros in penalties for illegally soliciting clients and laundering the proceeds of tax evasion.

  • Ousting of HSBC CEO John Flint shows 'increased ruthlessness' of bank's board, S&P says
    South China Morning Post

    Ousting of HSBC CEO John Flint shows 'increased ruthlessness' of bank's board, S&P says

    The abrupt departure of HSBC chief executive John Flint shows the "increased ruthlessness" of HSBC's directors and their unwillingness to tolerate middling performance by the bank, S&P; Global Ratings said on Tuesday.On Monday, HSBC said that Flint, a career HSBC executive, had stepped down by mutual agreement with the company's directors after 18 months in the top job and the board of directors believed a change was needed to navigate "an increasingly complex and challenging global environment".The unexpected change in leadership came on the same day that HSBC reported its pre-tax profit rose 4 per cent in a challenging second quarter and beat analysts' expectations. "The revamp of key positions indicates that the board has become less tolerant of relative financial underperformance, in our view," S&P; said in a bulletin published on Tuesday. "Still, we don't believe this ruthlessness suggests a broader strategic shift away from its approach to its balance sheet, which is generally more prudent and disciplined than most global banks." HSBC's CEO makes surprise departure as bank seeks new growthHSBC declined to comment on the S&P; report on Tuesday.Shares of HSBC fell 2.6 per cent in Hong Kong and 3 per cent in London on Monday, following the leadership change. The drop in HSBC shares came as civil unrest in Hong Kong weighed on the city's benchmark Hang Seng Index and increased tensions between the US and China sent shares down globally.The company's stock, which dropped 23 per cent during Flint's tenure, was down a further 1.5 per cent to HK$60.10 in the morning trading in Hong Kong on Tuesday.Flint, who spent almost 30 years at HSBC, took over as CEO in February 2018, following the retirement of long-time top executive Stuart Gulliver.He was tasked with improving the profitability and growth of the bank. HSBC, once known in its own ad campaign as the "world's local bank", shrunk under his predecessor as it navigated a scandal over its money-laundering controls, including accusations it moved money for Mexican drug cartels and clients from countries facing US sanctions, and a less forgiving regulatory landscape following the global financial crisis. HSBC to cut 2 per cent of its workforce as bank looks to reduce costsThe lender, which was founded as The Hongkong and Shanghai Banking Corporation in Hong Kong in 1865, pivoted to Asia as part of its reworked strategy and bet on an improved interest rate environment. The bank's Asian business accounts for more than half of its revenue and Hong Kong is its biggest market.John Flint abruptly stepped down as chief executive of HSBC, according to statements released on Monday. Photo: Reuters alt=John Flint abruptly stepped down as chief executive of HSBC, according to statements released on Monday. Photo: ReutersBut, there were questions about cost controls and the pace of the strategy shift under Flint.In 2018, HSBC missed a key target for Flint, reporting negative jaws " the difference between revenue growth and cost growth. The company reported positive adjusted jaws of 4.5 per cent in the first half of this year and said it expected positive jaws for the year.And, the macroeconomic environment shifted as a trade war raged between the US and China for more than a year and central banks became more dovish.HSBC said on Monday that it would cut 2 per cent of its workforce as it looks to reduce its cost growth to meet its 2020 return targets in a more challenging outlook.The bank also has faced the ire of Beijing officials recently after it provided information to US authorities investigating Huawei Technologies. Meng Wanzhou, Huawei's chief financial officer and the daughter of its founder, was arrested in Canada and has been charged with bank fraud by US authorities as part of the investigation.HSBC has declined to comment publicly on the case.There have been calls in China for HSBC to be added to an "unreliable" foreign entities list that is being drawn up by the Ministry of Commerce. Major Hong Kong banks shut branches as protests wreak havoc"We are confident about our China business and we don't comment on speculation," Mark Tucker, the HSBC chairman, said on Monday, noting that the bank has supported several of China's initiatives, including opening up its financial services sector, the Greater Bay Area development plan and the internationalisation of the yuan.The decision for Flint to step down was a mutual one and was unanimously approved by the board, Tucker said. There was no disagreement over strategy, job cuts or a personality conflict that led to Flint's departure, he said.Noel Quinn was named interim chief executive of HSBC on Monday. Photo: Handout alt=Noel Quinn was named interim chief executive of HSBC on Monday. Photo: HandoutThe bank named Noel Quinn, the head of global commercial banking, as interim CEO on Monday, with Tucker repeatedly citing Quinn's "pace, ambition and decisiveness" as why he was the right choice.HSBC is expected to look at both internal and external candidates in a search process over the next six to 12 months, with Tucker rejecting the idea of taking charge himself.Tucker joined HSBC in 2017 after serving as CEO of British insurer Prudential and Asian insurer AIA Group, and one of his first agenda items was finding Gulliver's successor."We made the best decision at the time. John has done a good job taking the organisation forward," Tucker said. "But, there's a belief the environment we're going into needs a different person to be able to take that forward."This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.

  • Reuters

    HSBC Bank UK pension scheme agrees 7 bln stg insurance deal

    The HSBC Bank (UK) pension scheme has signed a deal with The Prudential Insurance Company of America to insure around 7 billion pounds ($8.52 billion) of pensioner liabilities. The swap transaction is the second biggest carried out with a British pension scheme, HSBC said on Tuesday, and will insure against the risk that the scheme's members or their named beneficiaries live longer than expected. The Prudential Insurance Company of America is a subsidiary of Prudential Financial.

  • HSBC to cut 4,000 jobs to reduce costs
    MarketWatch

    HSBC to cut 4,000 jobs to reduce costs

    Bank HSBC on Monday announced the surprise departure of CEO John Flint after just 18 months, saying new leadership was needed amid increasing economic uncertainty, and that it was cutting some 4,000 jobs to reduce costs. London-based HSBC (HSBC)  Holdings said Flint stepped down by mutual agreement. Flint, 51, spent almost 30 years at the bank before he became CEO with the promise to “continue to innovate and accelerate the pace of change” needed to meet the demands of shareholders and customers.