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NEWS ABOUT: HSBC

HSBC to Cut 30K Jobs

But British bank hasn't said where

(Newser) - HSBC plans to cut some 30,000 jobs by 2013, shrinking its global workforce by 10%, the company says. As part of the plan, the British bank has cut 5,000 jobs this year, the AP reports. The firm didn’t say which countries would see cuts, though a rep... More »

Gadhafi Stashed Cash on Wall Street

Deals appear to have been legal

(Newser) - Moammar Gadhafi has a hefty chunk of Libya's money parked right here on Wall Street. The advocacy group Global Witness has released a document revealing that Libya’s sovereign wealth fund has invested $53 billion with help from Goldman Sachs, JP Morgan, HSBC, and European bank Société Gé... More »

HSBC Sued for Aiding Bernie Madoff

Trustee says bank enabled fraud by ignoring warning signs

(Newser) - Bernie Madoff's Ponzi scheme survived for so long because HSBC ignored "red flags" and kept funneling investors' money to the fraudster, says the trustee trying to reclaim money for Madoff's victims. Irving Picard is suing the bank and a group of feeder funds for at least $9 billion, the... More »

Big Banks Laundered Money for Mexican Drug Gangs

Wachovia handled $378.4 billion in drug money

(Newser) - Some of the biggest banks in the US have been helping to funnel hundreds of millions of dollars to Mexican drug gangs, Bloomberg reports. Wachovia, for example, has admitted in court that it didn’t do enough to spot the $378.4 billion in drug money the cartels handed off... More »

12-Year-Old Blows $1,400 on Farmville

Uses mom's credit card to rack up debt on Facebook game

(Newser) - A 12-year-old UK boy has earned himself the grounding of a lifetime by racking up roughly $1,400 in Farmville charges, first emptying some $450 from his own savings account, and then charging another $950 to his unwitting mother’s credit card—all in the space of about two weeks,... More »

Dow Up 115 on Manufacturing

Oil hits $71.2 a barrel, highest price in a month

(Newser) - Stocks rallied today on signs of a turnaround for US manufacturing, the Wall Street Journal reports. Oil rose $2.13, to $71.27 per barrel, its highest price in a month, and banks HSBC and Barclays reported strong quarterly earnings. The Dow closed up 114.95 to settle at 9,... More »

Credit Card Firms Cut Deals With Delinquents

Newly relaxed policies allow firms to settle for portion of debt

(Newser) - With countless customers running behind on payments, credit card companies are taking it easy on delinquents, letting them off the hook in exchange for partial repayments, the New York Times reports. The firms began easing up on their previous policies last fall, experts say; now they’re letting frontline workers... More »

Markets Dive as HSBC Shuts US Business, Axes 6,100

Banking giant sells record $17.8B in new stock

(Newser) - European and Asian markets took a nosedive today, and HSBC announced it will sell $17.8 billion in new stock in the largest rights issue in British corporate history. Europe's largest bank ended last year in the black, posting a $9.3 billion profit. But HSBC wrote off $10.6... More »

More Banks, Celebs Losers in Madoff Scam

BNP Paribas, RBS join charities of Spielberg, Wiesel as Ponzi victims

(Newser) - Bernard Madoff’s alleged Ponzi scheme, which federal investigators say cost investors $50 billion, continues to claim more victims, reports the Wall Street Journal. Spain’s Grupo Santander and France’s BNP Paribas said yesterday they’re on the list, as are charities involving Nobel laureate Elie Wiesel and director... More »

UK Banks 'Milk Borrowers' to Pay for Credit Crunch

Banks hike mortgage payments despite interest rate cuts

(Newser) - Britain's big banks are being accused of hoisting nearly £3 billion in interest payments on customers to make up for bad bank investments, the Daily Mail reports. Seeking to recoup huge losses from assets linked to subprime US mortgages, the banks have hiked mortgage rates and fees despite interest... More »

Oil Drops; Stocks Follow

Gray day on Street ahead of Fed's policy meeting

(Newser) - Stocks closed down today, giving back gains from an early rally despite a nearly $4 drop in crude oil prices as worries about economic growth and inflation persisted, the Wall Street Journal reports. The Dow fell 42.17 to close at 11,284.15, the Nasdaq lost 25.40 and... More »

Asia Financiers Looking Askance at Western Banks

Credit crunch has investors, regulators questioning the model

(Newser) - Bankers and regulators across Asia have grown wary of the big US banks they once invited to underwrite major moves, the Economist reports. One Chinese regulator described the West’s big banks to the magazine as “shit,” among signs the East no longer trusts the West’s wisdom,... More »

Wounded Bear Scrambles for a Savior

Stearns hopes to find a quick buyer in troubled times

(Newser) - What's next for Bear Stearns? A Wall Street institution for the better part of a century, it is now scrambling to find a buyer. Its best hope is JP Morgan, which provided a temporary lifeline yesterday along with the Fed. But other possible suitors include Citibank and HSBC, the Wall ... More »

In Need of Cash, Banks Looking to Sell

It's a buyers market as banks unload 'everything from branches to entire units'

(Newser) - Still in need of cash, as subprime writedowns continue to maul bottom lines, US and European banks are selling off or shuttering non-critical assets. They've already sold stakes to foreign investors and borrowed from central banks; now it's time for the yard sale, as the Wall Street Journal puts it.... More »

HSBC Shops for Controlling Stake in KEB

Bank looks to strengthen presence in Korean economy

(Newser) - HSBC is in talks to buy a controlling stake in Korea Exchange Bank from the U.S. private equity group Lone Star. A local newspaper has reported that the deal would be worth $4.5 billion. HSBC wants to strengthen its presence in the Korean economy, and Lone Star has... More »

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