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HSBC Holdings PLC Monday said it is slashing around 30,000 jobs to cut costs and revamp its business, as the banking giant follows through on a May plan to withdraw from some countries and refocus its operations on high-growth markets.
August 1 -
Commerce Bancshares Inc. and Cullen/Frost Bankers Inc. are in rare company as small banks with top shares in major cities.
July 25 -
First Niagara Financial Group and M&T Bank are playing it cool on whether they plan to bid for HSBC's branches in upstate New York — but they aren't discouraging speculation, either.
July 22 -
Sure, buying HSBC's 175 upsate New York branches would let M&T corner its hometown market, but taking a pass would let it avoid antitrust issues and hits to its local reputation.
June 28 -
HSBC Holdings PLC has stepped up its retreat from the U.S. by officially putting its upstate New York retail franchise on the block in addition to its credit card portfolio.
June 16 -
Strategies such as "One HSBC" which sound good in an analytical report, consulting presentation or boardroom don't work equally well in 88+ countries.
June 16 -
On Monday, Reuters reported that HSBC Chief Executive Officer Stuart Gulliver told reporters at a World Economic Forum conference in Jakarta that if it cannot find a buyer, HSBC intends to put the card business "into rundown."
June 13
HSBC Holdings PLC, which has been scaling back its U.S. operations, struck a deal to sell 195 retail banking branches to First Niagara Financial Group Inc. for $1 billion in cash, the companies said Sunday.
The branches, which have $15 billion in deposits, are being sold at a 6.67% premium to the value of the deposits. The branches are located mainly in upstate New York. HSBC said in May it would cut costs and review its U.S. operations, including its U.S. credit-card portfolio, which is also up for sale.
Separately, HSBC will also fold 13 branches in Connecticut and New Jersey into neighboring branches. HSBC, which reports earnings Monday, said the branches will remain open during the transition. The deal is expected to close early next year.
Headquartered in London, HSBC came through the financial crisis better than many of its rivals, but investors and analysts have been concerned that units in some markets are dragging down its results.
In an effort to pare its costs, HSBC will flag a number of possible job cuts following a business review by Chief Executive Stuart Gulliver. The bank could cut at least 10,000 jobs, according to a person familiar with the matter, although the review hasn't been completed.
In the U.S., HSBC operates 470 branches in 13 states; a majority are in New York.
Buffalo, N.Y.-based First Niagara had $19 billion in deposits and more than 300 branches across New York, Pennsylvania, Connecticut and Massachusetts as of the second quarter. The bank said most of the 1,900 HSBC employees at the 195 branches will keep their jobs.
JPMorgan Chase & Co. advised HSBC on the sale of the branches. Goldman Sachs Group Inc. and Sandler O'Neill Partners LP advised First Niagara.
