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0005 / HSBC's "Bad Bank" + FY 2019 Results

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  1. #21

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    FT article:

    https://www.ft.com/content/c0095f40-...d-25e377c0ee1f

    Also Guardian article (as FT is paywalled):

    https://www.theguardian.com/business...ge-coronavirus

    headline figure, 35k jobs to go. Seems to be mainly from US and Europe.

    shri and AsianXpat0 like this.

  2. #22

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    35k jobs to go
    They seem to do this every few years.

  3. #23

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    May 2009
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    Quote Originally Posted by shri
    They seem to do this every few years.
    Is that on top of the 10k they announced several months ago?

  4. #24

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    Quote Originally Posted by Sith
    Is that on top of the 10k they announced several months ago?
    Ok .. they seem to do this every few months.
    Sith, DimSumBond, jack55 and 1 others like this.

  5. #25

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    Another thing they seem to do every few months.. New CEO rumors..

    Unicredit Boss Mustier Emerges as Contender for HSBC CEO Role: Bloomberg

    https://nyti.ms/2V90zMk


  6. #26

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    HSBC are selling their French 270-branch retail banking operation, with reports of offers between 0 - 50 mill euros (estimates of 500 mill costs to take over, hence offers of zero). It's a pity as they were relatively hassle-free for expats. Rumours La Poste are interested, perhaps an odd choice as HSBC is mostly Premier only banking in France.


  7. #27

    Join Date
    Jan 2013
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    449
    Quote Originally Posted by shri
    Going on a complete tangent from that FT article and a couple of other's I read about China's bad banks....

    NPLs showing up on Taobao is something new...

    https://macropolo.org/cleanup_analys...an-china-data/

    found after a search based on some info in this WSJ blog (not paywalled)

    https://blogs.wsj.com/chinarealtime/...-looking-good/
    Thanks @shri, the macropolo site has some real good analysis.

  8. #28

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    Jan 2018
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    Quote Originally Posted by kimwy66
    HSBC are selling their French 270-branch retail banking operation, with reports of offers between 0 - 50 mill euros (estimates of 500 mill costs to take over, hence offers of zero). It's a pity as they were relatively hassle-free for expats. Rumours La Poste are interested, perhaps an odd choice as HSBC is mostly Premier only banking in France.
    They cannot meet the cost of compliance to run a mediocre franchise in a market that is known to be heavy handed against cross-border banking and wealth management.

    HSBC's strategy is the same as its other UK based, but smaller, Global Bank sibling from many years ago. HSBC's issues represent significant headwinds, namely they have invested in markets with material risks, they are based in a market that continues to slide down the scale of important economies, Asia is realigning and may focus inwards and their cost structure is too heavy. They will need to cut more and create more enemies among the staff, businesses and their families as a result of this.

    The bigger they are the harder they are to fix.

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