HSBC Overhaul Nears End Despite 7% Profit Drop
HSBC's pre-tax profit fell 7% to $29.9bn last year, but CEO Georges Elhedery says the bank's transformation is nearly complete, with a focus on agility and profitability targets.
Category : Corporate
St James's Place Hits Record £220bn Funds, Shares Jump
St James's Place reports record £220bn funds under management with 16% growth, strong client retention, and a 5.6% share price surge amid new fee transparency.
Diageo Slashes Dividend Under 'Drastic Dave' Lewis Leadership
Guinness maker Diageo has reduced its dividend to 20 cents amid falling sales and profit margins, as new CEO Dave Lewis begins aggressive financial restructuring.
HSBC Profit Slides as Impairments Offset Wealth Growth
HSBC reported a 7% decline in annual pre-tax profit to $29.9 billion, driven by $5 billion in impairment charges, despite a 24% surge in wealth management income to $9.4 billion.
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HSBC Job Cuts to Finish by June, Streamlining Operations
HSBC announces plans to complete its significant workforce reduction by June, part of a broader strategy to enhance efficiency and reduce costs across its global banking operations.
HSBC Fees Up 3% Amid M&A and ECM Market Pullback
HSBC reports a 3% increase in dealmaking fees to $2.1 billion, defying a broader decline in mergers and acquisitions and equity capital markets activity globally.
HSBC Boosts Investment Banker Bonuses to £819,000
HSBC has raised bonuses for its top investment banking staff to an average of £819,000, reflecting intense competition for talent in London's financial sector.
Deloitte Wins Big at Winter Olympics with Engagement Surge
Deloitte emerged as a top sponsor at the Milano Cortina Winter Olympics, achieving a 15% increase in online engagement through strategic consulting services for the IOC.
AstraZeneca CEO's Pay Hits £17.7m as Profits Grow
AstraZeneca CEO Pascal Soriot received a 6.4% pay rise to £17.7m last year, reflecting a 32% share price increase and strong cancer drug sales, despite cancelled UK investments.
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Dimon Warns AI Bubble Mirrors Pre-2008 Financial Crisis
JP Morgan CEO Jamie Dimon draws parallels between current AI market exuberance and the pre-2008 financial crisis, warning of 'dumb things' and inflated asset prices.
Coutts Poaches UBS HR Executive in Key Hire
Coutts, the prestigious private banking arm of NatWest, has successfully recruited a senior human resources executive from UBS, marking a significant strategic hire to bolster its leadership team and enhance its talent management capabilities in the compe
BNY Hires Blackrock Veteran for UK Distribution Role
BNY Investments has appointed a former Blackrock executive to lead its UK distribution team, aiming to expand its market presence and client services in the region.
FTSE 350 Boards Hit 43% Women, Executive Roles Still Lag
The UK has achieved a record 43% female representation on FTSE 350 boards, up from 9.5% in 2011. While non-executive roles show gender balance, women remain underrepresented in key executive positions like CEO and chair.
Tech Integration, Not Finances, Tests Schroders Merger
The Schroders takeover by Nuveen highlights that mega-mergers in asset management face their biggest challenge in technology integration, not balance sheets, as firms struggle with legacy systems and data alignment.
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Standard Chartered Hikes Bonuses 10% to £1.9bn
Standard Chartered has increased its bonus pool by 10% to £1.9 billion, reflecting strong performance and competitive pressures in the banking sector.
Goldman Sachs Partner Returns to London from New York
Goldman Sachs partner Pulford has relocated to London following a five-year stint in New York, marking a strategic shift for the investment bank's operations.
FedEx Sues US for Refund of Illegal Trump Tariffs
FedEx has filed a lawsuit against the US government seeking reimbursement of tariffs imposed by Donald Trump that were ruled illegal by the Supreme Court last week. The case could trigger billions in refunds.
Gender Equality Progress Slow at UK's Largest Firms
A new report reveals that progress toward gender equality in the UK's biggest companies, including FTSE 100 firms, is moving at an achingly slow pace, with significant disparities persisting in leadership roles and pay.
JPMorgan Sees Mid-Teens Deal Fee Rise, More Hiring in Q1
JPMorgan Chase forecasts a mid-teens percentage increase in dealmaking fees for Q1 2024, driven by strong M&A and equity capital markets activity, with plans to expand hiring in key areas.
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Legal Uncertainty for Businesses After Tariff Ruling
The US Supreme Court struck down Trump's tariffs, but businesses face ongoing uncertainty as new tariffs are proposed and refund processes remain unclear.
Private Equity Returns Hit Four-Year Low, Bain Report Warns
Private equity funds have returned less cash to investors for four consecutive years, creating a 'liquidity crunch' and making fundraising a 'slow slog,' according to Bain & Co's 2025 report.
Schroders May Sell Cazenove for £2.4bn After Nuveen Tie-Up
Schroders could generate up to £2.4 billion by selling its Cazenove Capital wealth management arm following its strategic partnership with Nuveen, as analysts assess the firm's restructuring options.
Novo Nordisk Shares Tumble After Drug Trial Falls Short
Danish pharmaceutical giant Novo Nordisk saw its shares plummet by 16.7% after its new obesity drug CargriSema showed inferior results compared to competitor Eli Lilly's treatment.
Brewdog's Scottish Brewery Could Be Seized by HSBC
Brewdog's massive Aberdeenshire brewing estate could be seized by HSBC if the craft beer company fails to find a buyer to stabilize its financial situation, with co-founder James Watt attempting a rescue bid.
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Dimon Defends JP Morgan's $2bn Weekly Spending
JP Morgan CEO Jamie Dimon will defend the bank's $105 billion 2026 spending plan at investor day, emphasizing growth over cost-cutting despite industry pressure.
Ex-Amazon UK Boss to Lead Competition and Markets Authority
The UK government has selected Doug Gurr, former head of Amazon UK, as the new chair of the Competition and Markets Authority, sparking debate over corporate influence in regulatory oversight.
Rolls-Royce Plans £1.5bn Share Buyback in FTSE 100 Surge
Rolls-Royce announces a £1.5bn share buyback program alongside its annual results, following a 122% stock surge and record profits under CEO Tufan Erginbilgic.
Diageo's Dave Lewis to Unveil New Vision Amid Stock Recovery
Sir Dave Lewis, nicknamed 'Drastic Dave,' prepares to present his strategic vision for Diageo as the drinks giant shows signs of recovery after a turbulent year marked by profit warnings and shifting consumer trends.
Trump Warns Netflix Over Susan Rice Board Role in Warner Deal
Former President Donald Trump has threatened Netflix with 'consequences' unless it removes Democratic foreign policy expert Susan Rice from its board, escalating tensions during the streaming giant's bid for Warner Bros Discovery.
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Centerview Settles Junior Bankers' Sleep Dispute
Centerview Partners has resolved a legal dispute regarding junior bankers' need for eight hours of sleep, highlighting ongoing concerns about work-life balance in investment banking.
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