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...Take a break from the news V-necks have been verboten for as long as most of us can remember, writes Teo van den Broeke....
...Turning to the 2023 list, HSBC bought the Midland Bank in 1992. British American Tobacco (BAT) continues to double down on global tobacco, having once flirted with UK financial services....
...Job moves HSBC has hired more than 40 investment bankers who used to work at Silicon Valley Bank, the latest move by the British lender to scoop up parts of the failed tech-focused bank....
...And again, it’s a bit of a lesson in does it make sense for banks to be heavily concentrated on one industry or does it make more sense for them to be more of a full service bank like HSBC, where you can...
...(Unherd) — The Bank of England attempts to predict financial crises with a neural net. (Bank Underground) — Birding saved one man’s life. Maybe it can save the rest of us from climate change?...
...I moved to the US and I was at HSBC, and here I am 16 years later — despite their service level being really poor in the US — still with HSBC....
...As ever, send your thoughts, queries and philosophical riddles to Imani (imani.moise@ft.com) or me (sid.v@ft.com). Happy reading!...
...Staff at the bank will miss a certain line item on someone’s bank statement or a certain form of income . . ....
...The company counts banking and technology heavyweights including Bank of America, HSBC, Barclays, Intel, ING, and UBS among its shareholders....
...As always, you can reach us at Imani.Moise@ft.com or Sid.V@ft.com. Thanks for reading....
...Earlier this year, HSBC cancelled its dividend for the first time in 74 years following pressure from the Bank of England....
...In fact, analysts at HSBC think Opec could pause its supply increases next year to avoid over-supplying the market....
...The findings echo analysis from the Bank of England last week, which calculated Britons had saved an extra £180bn in their bank accounts during the crisis, or almost 10 per cent of the UK’s annual gross...
...Chief financial officer Ewen Stevenson told the Financial Times the bank was expecting a “much sharper” V-shaped recession, with any recovery pushed further out into 2021....
...He is also encouraged by a “V-shaped” recovery in Asia, its largest market, and less dire forecasts for UK consumers....
...The People’s Bank of China has stood out among central banks this year for how little monetary stimulus it has introduced to cushion the pandemic’s economic impact....
...I am closing my HSBC bank account. But first I need to identify a financial institution with ethical standards high enough to be worthy of my overdraft....
...An outlier so far is Deutsche, which provisioned just €500m in the first quarter, compared with £2.1bn at Barclays and $3bn at HSBC....
...US banks, meanwhile, are pressing the US central bank to extend concessions that loosened capital requirements when the pandemic struck....
...There were even larger provisions in the second quarter than in the first three months of the year, as banks tore up forecasts for a V-shaped recovery....
...V. A month in, the occupation in Zuccotti Park — or Liberty Plaza — was becoming more permanent. Problems were emerging too....
...Absent the sharpest of V-shaped recoveries, Europe’s banks will at some point need to recognise the new economic reality and raise their provisions for loan losses dramatically....
...Valuation and recommendation: HSBC’s shares have fallen by 42% year-to-date versus a 51% fall in the average share price of the other mainstream UK banks....
...HSBC and Deutsche Bank suspended previously announced redundancies in March, but less than two months later, lay-offs resumed and deeper cuts were promised....
...coming back to a much lower level of activity simply because of people not wanting or feeling they should be going out at the same rate as they used to previously,” said James Pomeroy, an economist at HSBC...
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