35 Burst results for "Hsbc"
Is Silver the Next GameStop?
"Yesterday. Silver prices hit the highest level in eight years to over twenty nine dollars and fifty cents per ounce the london bullion market association which is the silver market said that more than a billion ounces of silver was traded. Yesterday it's three times greater than the average from the end of two thousand twenty can louis c. of app max which is a dealer in precious metals coins boy in bars said yesterday on bloomberg tv that they had more volume in silver sales in the past three days than they had all of december and forty three percent of those orders from new customers were. Typically it's only fourteen to twenty percent of orders in a given day are from new customers. Adrian ash is director of research at bullion vault which also sells silver. Bullion said they had more customers yesterday than all of last february. Why is there this sudden interest in silver last week. We discussed wall street bets. The sub reddit and what was driving the price of game. Stop and other memes stocks. There were some post last week on wall street bets about silver being the biggest short in the world but there's post on all different types of topics but some of those posts because they're voted on in this forum made it to the top and then news organizations pick it up that that the wall street bet sub read. It was now focus on silver but then some on wall street No they're not promoting silver that there are proponents of silver taking advantage of the forum. So there was a lot of confusion over. Who's driving this increase in silver. But clearly it's happening. One commodities trader said about wall street bets that i'm beginning to think that they are being suckered by the silver scammers to try to get the price up today when i looked at wall street bets. There wasn't any of the top articles on silver. They appear to be a couple about diamonds but most was on gm's stock which fell over fifty percent this week here. We are with silver having spiked to its highest level in eight years. Today it's down to twenty seven dollars per ounce but the sudden interest news gives us an opportunity to look at silver the investment case for silver. And should we buy silver now. There are two primary ways to buy silver by it physical including coins or bars. We can also by silver through an exchange traded fund like the shares silver trust which owns physical silver or we can participate in these silver futures market. And we'll talk about how that works. A lot of these news articles reference. Some of the post on wall street bets about how silver is the biggest short in the world. And there'll be a squeeze and we're going to stick it to the banks that are short but still i really different than the short squeeze on game stop or some other stock like i talked about last week where you had hedge funds that were massively short game stop. There were more shorts than shares outstanding. And when the stock started to rise those hedge funds needed to buy back game stop stock so that they could close out their short position and stop losing money but if we look at the positioning of hedge funds and other speculators in the silver futures market. They're actually net long in other words positioned for silver to go up in price and they have been net long since two thousand nineteen. The natural times reported that analyst said bullion banks has hsbc and j. p. morgan did not have speculative naked short positions in silver. In if anything would make money by selling silver to exchange traded funds in helping minors hedge exposure bernard data an analyst texas that it's the wrong understanding of the market. It's trying to apply the same. Rationale is game stop but most of the market is long silver. The banks are going to make more profit and the silver buyers are indirectly sending their own money to them
Bank stocks knocked as Suspicious Activity Reports come to light
"Bank stocks getting crushed today a new report about the big firms dealing suspicious finds Wilford. Frost Scott the details wealth harmless. So Bank stocks were down sharply today following large declines for their European counterparts, Deutsche Bank for example, closed down nine percent on European trade. Standard Chartered down about five percent both hitting twenty five year lows in London trade earlier US banks ended up down about four percent. This is in part due to investigation by the International Consortium of investigative journalist that highlighted suspicious activity from various banks in the past specifically money laundering following a review of more than two thousand, one hundred reports filed by the US Treasury financial crimes. Enforcement Network a slew. Mentioned including I said HSBC Bank Standard Chartered JP Morgan and Bank of New York Mellon amongst others clearly, this activity is embarrassing for the banks however important to note in the past and that government and regulators were already aware of these details since suspicious activity reports by their very nature all reports between the banks and the government in the first place for example, for example, Deutsche Bank told me this is not new information to us or regulators Today off therefore much more down to the broad cyclical selloff linked to covid economic headlines, and also that Supreme Court news further making a stimulus bill less likely something that banks are disproportionately reliant on compared to some other
Sanctioned Putin associate ‘laundered millions’ through Barclays
"Banks helped money laundries and Russians subject to international sanctions. The Secret files show that the bank HSBC allowed fraudsters to move millions of dollars despite being warned it was a scam and ally of the Russian President Vladimir Putin. Sanctioned by the U. S and U used Barclays in London to buy fine art Fergus Shell is from the International Consortium of Investigative Journalists is unprecedented and remarkable leak that tells us as never before what the banks know about suspicious money movements. It connects with virtually every country on the planet, and it connects with some of the worst financial scandals ever in history and some of the worst criminal and terrorist Activity on the planet. HSBC has said it's overhauled its ability to combat financial crimes and barflies. Excuse me, Barclays highlighted it's cooperation with the authorities. Two Republican senators have said the
U.S. Penalizes 24 Chinese Companies Over Role in South China Sea
"Have been developments Even today in the U. S. China Relations Is China today fired four ballistic missiles in the South China Sea is part of military exercise their welcome now Bloomberg chief North Asia correspondent Stephen Angle with the latest. What's the reaction over there? What's going on in what seems to be increased tension, military tension in the South China Sea. Yeah, absolutely. I mean, of course, The China US relationship is a focal point of this election in the United States and we see it firsthand out here where I am in Hong Kong. And you know, you have to decide whether is this, you know, provocation, military provocation, Or is it Maura? An example of what election era. Theater. But regardless, it's on a dangerous stage here because what we've learned from the U. S military is that the Chinese military in these exercises in the South China Sea between Hainan Island and the Parasol Islands fired four medium range ballistic missiles, including. We're hearing a DF 21 D. That is a dolphin 21 D so called carrier killer missile that was fired from the mainland. Of China into the South China Sea provocative indeed. And separately. We're also hearing that the U. S. Has announced trade and visa restrictions coming from the Commerce Department and the Secretary of state on 24 Chinese companies that the U. S says is tied to the P L. A. The People's Liberation Army's Expansion in the South China Sea. 24 companies added to this entity's list and Wilbur Ross, saying the entities designated today have played a significant role in China's provocative construction of the artificial islands and must be held accountable Now. Separately, the State Department as well, once the bank here, HSBC held accountable. Or what they say, is limiting freedoms for its account holders here in Hong Kong completely separate issue but again part of the political theater between China the United States.
US-China rivalry hinders a struggling HSBC
"We've seen fall out over the UK is World Way decision suspensions of extradition treaties on most recently. Hong Kong considering on election delay That could mean HSBC's business shift may prove untenable under its current structure being listed in the UK and Hong Kong while supporting China's national security law, expectations of more drastic action on earnings, they are increasing well for more on this. We're joined by Bloomberg Finance reporter Harry Wilson. Thank you so much for being with me, Harry. Look, first of all on H S B. C. It was unusual, wasn't it? That HSBC made the statement that it did about China's controversial A new law that effects Hong Kong. Why do you think they did that? I can only surmise they come on the enormous amount of pressure to say something on it. Normally, banks, particularly HSBC have like to remain entirely apolitical. Getting into politics just isn't in the DNA. And I think the fact that they felt they had to come out and say something publicly shows that probably not saying something will was seen as a school, too. So we certainly have picked up in the last couple of months that our thanks senior to perfectly are getting a little hum. I think a lot of cools a lot of Um ah, imploring from their Asian businesses to basically toe the line of it more when when it comes to Christo. Events in Hong Kong and China. Okay, so that on the security law on the flipside, of course, the pressure in response to that Was was also apply from the UK side. So it's kind of ratcheted up the political pressure you know, on in both parts of their business, surely Yes. So they are getting pressure from all sides. Not just something you came to. The U. S. Is also called him out over this and they're really in a very difficult position because effectively theory some game we'll have You say that since Beijing China onside Is seen in the West to UK us being, uh, essentially going against Western policy, so there isn't really a wind for them haters. In some positions, they can take the fetal sides happy so But trying to be trying to walk a line between them, which sees the increasingly difficult Do you think things matters are going to get worse? And how does it affect the business going forwards? It's a UK bank, but that makes most of its money in Asia. Well, exactly of you should go back with the ancient history of HSBC in the late eighties early nineties recognized this issue, which is why they part of reason why they decided first byway and size of Midland Bank and build up a business. Outside of Asia more than they had at the time, and that was, in part at least a recognition that the situation could become more difficult. Posi handover of Hong Kong in 1997 Now what we've seen since 1997 attempts become a global bank has hit some some brake blocks from headwinds off late, So now they find themselves in a situation where There probably is exposed to Asia optically Hong Kong as they have ever been on that places them in a very difficult position. Because see they want to continue doing business in Hong Kong that increasing against me that they got here to the lines of China, But of course that puts a man on a collision course with Earth. With the U K and the Y the West. So how do you think that this is going to be expressed then? Potentially in earnings? I don't think we're going to really see anything. Take Lee and the earnings on this Aziz yet we're really in the Very early stages off this spook growing political contest between between China and Hong Kong itself. These Already in a family, the procession and that that is really with us China trade tensions or the problems we've we've been talking about just now, that's more to do with Corona virus before about the political people. We saw lately in Hong Kong. I think they probably were looking more 5 10 years out. It could be the case that you start to see a kind of maybe death of 1000 cups and those who have so little losses here and there now see that that is very well aware of that on there going to be looking through everything they can to make sure that that happens. Things are they increasingly difficult environments in which to do business, particularly in a country like China. Where are you? Nate is very important that You are being It seemed to be supportive off Chinese
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China Passes Hong Kong National Security Law to Crush Threats
"Hong Kong is a global banking center home to several multinational companies. It seen by the business community as a gateway to China was so much at stake. We're taking a closer look at the impact of China's new security on the region Wall Street. Journal markets. Columnist Mike. Byrd is based in Hong Kong. He joins US NOW MIKE WELCOME! Thanks very much for having me. Mike you're on the ground in Hong. Kong you are very much in touch with the business community. Put this in perspective for us. Just how big of a deal is this? The first thing to say is that we don't have a lot of detail on what is going in this low. We know that it will have rules on secessionist Atta. Choose to subversion of the Chinese state and to some vague implications. Abou- coming under foreign influence, but we don't know the straight detail of it. The actual text of the law has yet to be published, so it's difficult for businesses to make a firm idea of of what this is going to mean for them for the moment. Moment is a lot of confusion, and it's also extremely sensitive topic, because not knowing what's in that bill means that you don't know what will be illegal to save from tomorrow. What you may encounter legal difficulties from saying a lot of international businesses staying relatively quiet about that even now organizations like the American Chamber of Commerce relatively quiet organizations that have to be fat up until now been fairly critical of the idea of the national security, though a now being very cautious about what they say. Mike as you know as we've reported a top executive from banking, giant HSBC signed a petition supporting the legislation, saying it supports any law to stabilize social order in Hong, Kong and economic prosperity and development to have that backing from HSBC. How significant is that? I think hate be. Situation has turned out to be as a bit of a microcosm for war. The problem is for businesses more broadly in Hong Kong, which is a SPEC- signed up to the idea. The national security though they had an executive sign up to that was referred to in Chinese media in state media as sort of too little too late that that support was slow that it wasn't absolute that it wasn't clear from the beginning now. Hong Kong HSBC was obviously criticize full completely the opposite for signing the bill astle is very difficult to find this sort of middle ground position that businesses like hate pc, especially those with sort of one foot in the West and one foot in China. They've done really well in the past couple of decades in Montaigne and jewel role. It's now increasingly difficult to. To do the HAGIA species come under fire from both sides for doing it. It's likely to continue doing so, and that's going to be the case for other large Hong Kong. Business as you go companies like Johnny Matheson, which are really West and run by of had a big influence in Asia for longtime. They're gonNA find it increasingly difficult to straddle both sides. I WANNA. Point out at the time HSBC said it supported laws that will enable Hongkong to rebuild its economy and maintain the principle of one country, two systems, any indication from any companies, especially those that are based in the West that they will curb their presence or scale back their presence or future business deals in Hong Kong. You've seen some smaller organizations to that. In the couple of research firms here, but people mostly stray away from saying for a couple of reasons, one thing is if you have to do business in mainland China saying that you leaving Hong. Kong because of a load of the government of mainland China wants to pass is a bad look. It's not GonNa win you any friends in the mainland. The second reason is purely cost related. It's expensive to move people and if If it becomes the case that it won't disrupt Your Business Operations you've moved people. You probably lost employees in the process. You probably lost deals in the process for no reason. as a reporter is sold. Is Covering London during twenty sixteen businesses talked a lot about leaving because of brexit talks about the risks. Relatively few of them did precisely because it's so expensive to do so disruptive if there are any circumstances in which you can stay, you probably will. And Mike as a journalist who lives in Hong Kong who is very familiar with the business community. What are the lingering questions you have? What are the unknowns that need to be answered to get scope about the significance and impact of this decision. I think the honest answer is that we won't know enough about the little to know how Lafayette businesses until it begins being enforced you have lose like this in mainland China and it's the selectiveness of their enforcement. That really matters whether it's used as the Hong Kong. Government is broadly suggesting the Hong Kong. Government. He's very keen to stress that this won't affect most people that it shouldn't affect national businesses. Many businesses may not in a cynical way mind this of law, if it really just applies to political dissidents, if it's just used to crackdown police political dissidents, and that will be the same as many businesses finding mainland China, many businesses find. Find even in places like Singapore they can live without sort of thing, but the strict text of the bill may prove to provide situations for the Hong Kong government to pursue international businesses if they wanted to. So I think we'll have to see where we are in a few months time once the lawyers and who's being caught up in it. Who's being warned about legally? WHO's actually going to call? He's being prosecuted for until that happens is going to be really difficult to say the soda scope of the Law until it actually begins to fullest. Mike Byrd joining us from Hong Kong great to have you on the podcast. Thanks very much.
HSBC, StanChart shares rise in Hong Kong after backing China security law
"HSBC and standard chartered bank are backing Beijing in the standoff over a proposed new security law for Hong Kong HSBC's top executive in home computer Wong said the bank supports laws that will enable Hong Kong to rebuild its economy standard chartered bank said the proposed law can help maintain social
HSBC executive Stuart Levey to run Facebook-backed Libra cryptocurrency
"On the subject of leadership changes. Facebook has hired Stuart Levy to lead its crypto currency project libra. Yep that's still a thing. Levy a former treasury undersecretary and spent the last eight years as the chief legal officer for age. Sbc experts say that by hiring former banking attorney with a background in compliance facebook hoping to make its cryptocurrency more palatable for governments
HSBC sees mounting credit losses after pandemic halves first-quarter profit
"So much now let's get back to the banking earnings from this morning Europe's biggest lenders have reported a surge in credit losses amid the corona virus outbreak HSBC taking its biggest charged about deaths in almost nine years and saying it expects credit losses to rise to as much as eleven billion dollars this year the picture was a bit better over at UBS which saw net profit surged forty percent despite concerns about income streams from its wealth management unit for more let's bring in Jonathan Tice senior analyst for European banks at Bloomberg intelligence I'm Jonathan great to have you with us I know going into this you were hoping perhaps for some sort of guidance from the transformation planned they announced back in February a lot of which has of course been put on hold because of corona virus the shares are down just a little bit today down one and a half percent in London and a what was the biggest takeaway for you what sets the scale of the credit losses that we might see in twenty twenty but also the fact that that number as CFO you Stevenson said to us on TV could be subject to change
UniCredit CEO Mustier ruled out of HSBC role
"And unicredit CEO John Gavin was the eight hundred M. south of running for HSBC's Tom job according to sources he's decided to stay at the Italian Grand Prix shows that tumble since Britain but reported that he was the site content to become HSBC chief executive the Financial Times reports that must see a phone ages C. chairman mark Tucker on Sunday tell him he was no longer interested in
Turkey central bank faces key rates decision after lira weakness
"What interest rate decision that day and Turkey and economists are pretty undecided about what the central bank is going to do now nineteen out of twenty seven economists polled by Bloomberg do believe we're going to get a cut of some sort but they're not they're not in agreement on exactly what that's gonna be is gonna be twenty five basis points seventy five basis points those all in the cards there we are also seeing some names line up on the side of hold Morgan Stanley Barclays HSBC economists not so sure we see any movement at all now if you go with me into our GTV go we'll see what we've seen over the past year which is the twelve point seven five point four percentage points of interest rate cuts that then the blue there we've seen that the stock market's rise we've seen manufacturing expand but we've also seen inflation at tech higher in the white there are so will this easing program continue present everyone has some unconventional views about what monetary policy a you know does here but we may see the central banks are to react to this higher inflation rate one place we are gonna be watching though is the Turkish lira yesterday hitting a nine month low against the US dollar is the moving quite a bit so far this year weakening there and so we're we're going to be that we know which way the momentum is going here but what is the impact we see today
"hsbc" Discussed on WSJ What's News
"Stone. A longtime advisor to president trump was convicted last year of lime to Congress and tampering with witnesses on Tuesday. Stone was back in court asking a federal judge to delay his sentencing. That request was denied. His sentencing is still scheduled for Thursday. But that may not be the end of it our reporter Ronan viswanath that has been following his trial and she joins us now. Hey Rona Chore Thank You Arena Roger. Stone's case has been a tumultuous one really heating up over the last week or so. What did the judge say today today was somewhat more procedural after the drama of the Past Week? The judge definitely alluded to it and said right at the outset like today. We are here to talk about the time line. And that's it. I'm not going to get into the merits of any of these issues right now but he was scheduled to be sentenced on Thursday. He filed a last minute motion for a new trial. That motion is under seal. So it's it's in secret. We don't really know exactly what he's saying but it seems to be about a potential bias by a member of the jury and she said that she would consider that motion but she would do so after she sentenced him and she was going to go ahead and actually sentenced him on Thursday and it seemed as if she clearly wants to have it be known what she thinks is the appropriate sentence for for the conduct. He was convicted of Roger. Stone was convicted last year of lying to Congress and witness tampering. If you could just remind. Us Arena quickly about the background for that conviction. Sure so he was indicted last January and He was charged with lying to Congress. So if you think back to when the House Intelligence Committee was conducting this investigation into Russian interference in the two thousand sixteen election. They were looking at wikileaks. Publication of all of these emails that had been hacked from Democrats. They brought in Roger Stone because he seemed to have some advanced knowledge that these were going to be coming out and be damaging and they asked him where he got his information and what. He was indicted on. Alternately was lying to Congress about where he got that information. This past week. We've also seen this back and forth between the Justice Department and the trump administration over this. Can you walk us through that whole situation? Yes so because he was scheduled to be sentenced. This Thursday the court heads set last week as a deadline for the government and for Mr Stones Defense Team to file their recommendations for what they think. The judge should ultimately sentence him to. It's ultimately up to the judge. Both sides can submit their recommendation so prosecutors on the trial team filed a recommendation that fell between seven to nine years in prison which sounds somewhat high but that is what there's a set of Sentencing guidelines that sort of dictate. What these recommendations are going to look like and once they added on all of these levels for various things that They believed Mr Stone had done. They got to that seventy nine year range. When senior Justice Department officials saw that ultimate filing they thought that that number was too high and quickly ordered this new filing Be submitted in which the government asks for something less than that but that request came after. The president tweeted about how unfair he thought. The original recommendation was which raised a lot of questions about whether the revised filing was being submitted at Mr Trump's direction. And we heard from president trump. Today he said that he never spoke to bar about the case and that he hasn't given any thought to pardoning stone. Yet we saw him today pardons some. What do we make of that right? The timing of Some of these pardons today is pretty interesting given that Roger. Stone is going to be sentenced later this week. From what the. Attorney General has also been saying they did not specifically have any discussions about Mr Stones case but clearly. It's well known what with the President's views are a Renault. Where does this go from here? So the in the near term all eyes are going to be on judge. Amy Berman Jackson To see what kind of sentence she does end up imposing on Roger Stone. Will it be something around the three to four years that may be the that the revised government filing was suggesting? Will it be closer to the seven to nine years that the original prosecutors had suggested? Will it be something different than that? the that's of course the immediate question and then after that the judge is expected to rule on this request for Roger Stone to get a new trial and if that happens all all bets are often We kind of go through all this all over again. And then of course looming over all of this is whether the president does ultimately decide to pardon Roger Stone that's The Wall Street Journal is a ruined viswanath arena. Thanks so much sure thank you and that's what's news for this Tuesday afternoon. If you like our show please rate US and review US wherever you get your podcasts. I'm Janet Avin for the Wall Street Journal. Thanks.
"hsbc" Discussed on FT Banking Weekly
"Very much indeed for joining us now. What's in a name quite a lot? According to Royal Bank of Scotland which has decided to change it at the corporate level. At least two natwest the English Bank brand that it owns. It's all part of a strategic shift under obvious as new boss Alison rose which will slash the size of its investment bank hall of the Carbon Emissions linked to its loan book and reduce its long-term profitability targets neck. You've been looking at the new old name that's obvious to adopt what was wrong with the old one well. Officially there was nothing wrong with it it will still be royal bank in its Scottish branches. They say the change really reflects the fact. The Not West is the brand the the majority of his customers deal with these days. All BS as an acronym the name that they use for love that big pre-crisis international expansion's but most of the businesses gone now. That said not much was already the biggest brands a couple of years ago when they're being investigated by the US Department of Justice when the essay and MP's criticizing over its mistreatment of small business customers. The reality of it which the chairman of obvious has admitted in the past. Is that between scandals like that on the actual. Baylor itself the bank cut to take during the crisis. The obvious brand's reputation has suffered a lawns whereas not west is kind of being insulated from it. I've always thought of as a benefit of that brand strategies that the average amount on the street doesn't realize that not related and the new Chief Executive Alison. Rose wants to take advantage of this essentially to help distance the company from its past scandals and symbolize new. Era that they say that going into so the name change does provide that Kohl's mythic distance if you like what else is arson rose gain to do. In terms of strategic change. Well on the mall material from the most immediate changes will be for its investment bank which is already shrunk massively over the past decade. But they're going to have its risk raised sets again primarily by cutting its rates trading business not west markets as investment bankers cold currently employs about five thousand people so far though no details but it will inevitably involve some straight job cuts and also moving. Some of them made in back office jobs to places like Poland. Other changes might Komo long-term as you mentioned. They've said that they want to cut all of the carbon emissions linked to his loan book. Eventually that could lead to shifts in the makeup of that customer base and maybe the introduction of new types of product but right now it's very much a theoretical thing. I mean they kind of admit they don't actually know what is needed to do or even how to measure how big the emissions linked to that are at the moment but a vest is being told profitability will be lower the future. Yes in a sort of acknowledgment of just how difficult the general environment is right now. They'd previously said they wanted to get to on equity above twelve percent this year. They'd admitted last year that that wasn't going to happen now. They've admitted it's not going to happen anytime. In the mid to long-term and short-term how is it will being received not amazing the shares dropped by nearly seven percent on the day that the news is announced which is pretty bad for fifty one hundred bank to be fat that doesn't necessarily reflect disapproval of long-term big ideas. Partly it is the reduction in short-term returns which as I say not really about strategy. It's just a really tough time to be a retail bank in the U. K. The other showtime factor potentially a bigger factor in one day reaction was that fully dividend was a lot smaller than I've invested Despite the fact that obvious that she has really healthy capital levels at the moment. That is bad news for investors in the short sample but the sense that the C- on the championship game was that they wanted to hold back some extra capacity us on a potential buyback of some government. Hsieh's later this year which given investors would like this government shareholding to get Geez could eventually means some good news down the line due to could get used to not CEO BS as well last not west from now on thanks very much and finally today the curious case of Deutsche Bank and the disappearing compliance contractors. It seems freelancers working in key areas such as anti.
HSBC to cut headcount by 35,000, shed $100 billion in assets
"And big job cuts are coming to HSBC bank says it will do away with as many as thirty five thousand jobs over three years as part of a cost cutting move aimed at slashing four and a half billion dollars in spending here in the USA just BC also plans to cut its retail presence by thirty
HSBC to slash investment bank, 35,000 jobs in strategy overhaul
"Thousands of bank jobs in the US and around the world are being eliminated HSBC holdings Europe's biggest bank is cutting thirty five thousand jobs over the next three years cutting back operations in the US Europe and at its investment bank it plans to invest in Asia and the Middle East
Coronavirus threatens Apple supply chain, sales; shares drop
"Shares of apple are also down more than three percent in premarket trade on Wall Street. That's after the tech giant warned revenue. We'll take a hit from supply chain disruption due to the corona virus outbreak. That's also putting pressure on shares of the company's European suppliers in Asia benchmarks which closed down more than one percent. German business sentiment has also been hit by worries about how the virus will impact global trade. A key gauge of the mood among investors plunged from twenty six point seven to just eight point seven in January
"hsbc" Discussed on FT Banking Weekly
"So ran that was left behind in the post-crisis financial world. mm-hmm let's move on to third and final topic and we go over now Out to robots strong are US finance editor. Who has been talking to John? Garvey John is the global head of financial services at P.. WC RUB has been talking to him about some of the big picture stuff. That's affecting banking at the moment is likely to dominate twenty twenty from the gap between US European European and for that matter Chinese banking the digital transformation of banks and also the prospect for smaller institutions. You have global experience variance of banking and one thing. Our readers very interested in is the difference between what's going on in the US in Europe. And what's going on in China and how the two industries are evolving. What are the big differences you see and the big similarities? How are the two different industries changing? Well there is a period of divergence urgence between the different markets. At the moment maybe take the use of technology and syntax in banking for example in China the last decade through the regulatory regime. They've created a real ecosystem of tech. Companies that are offering financial services has to Chinese clients whereas in the US the regulatory regime which would cause a full regulation of the Tech Company itself. Itself really is meant that Finn Tax digital only players have not been affiliated with the tech companies and the tech companies have really worked together with the banks more in partnerships. So I mean we see that people do their everyday banking through a we chat right in China. Do you think we'll get to that point in the United States we've seen the start of some partnerships are news of nascent partnerships in the. US is the US heading more in the Chinese direction. Do you think or is it going to remain a difference difference in the way. The regulation works. I think the key goal is innovation and improving the customer experience in both markets the regulatory auditory structure in both markets dictates or drives you towards different options. As I said so I think we will continue to see in the United States. It's partnerships between large tech players and banks at some point will a large tech player choose to be regulated. Like a bank. Will we'll see personally. I don't see that happening in the foreseeable future. Well of course all banks are extremely concerned about getting more digital as fast as they can to keep up with the demands of clients. I know you work with the companies you work with on improving bankers tech skills talk about some of the challenges. There're era and some of the opportunities as well. Yes great point. The topic of digital upskilling of workers is actually much more than a financial services topic. It's actually a competitiveness and societal topic. Interestingly enough several governments were actually working with on this topic when you look at the kind of micro financial institution what we're talking about is turning an analog workforce into what we call digital workforce and making the people in various levels but it's one aware and understanding what digital actually is what the underlying technologies are and then Skilling doing those people in some of the technology tools which exist that are actually quite accessible to normal professionals. You don't have to be an IT. Professional there are tools around robotic process automation their tools around dash boarding and and analysis and analytics that are now very accessible astle to your typical college educated professional with the right training. I mean for us at the F. T. was kind of a nightmare getting from newspaper world to digital world. It took us five years of just thinking about the work processes and how the day looks in a new way our banks doing any better or banks or I should say bank workers coming kicking and screaming into this process or well. I think it is right to say that the younger people tend to be more flexible. There's there's more for your typical older person to learn and to understand and also depending on the job right if you're an analyst and a finance function using using these tools is probably a natural extension if you were a clerk in in a bank branch maybe that whole job or part of that job goes away and you have to learn. Learn something new. There are a lot of differences that people need to get a tune to not just learning the technology might be different job a different location or some banks doing it. Well I mean is it working. I guess is the question. I think there's a broader topic here which we haven't yet discussed but it's around productivity so this is one the levers of productivity so we're starting to see the banks that are better at creating a productive workforce platform processes that are Are Doing better financially. And therefore that starting to get reflected in share prices A lot of the smaller banks especially that I cover are really struggling with with low rates very hard to be. I don't WanNA say subscale but a non massive bank in the United States now and make money just taking deposits and making loans. What are banks doing to kind of respond to the environment? What's working what's not what's going to change because of the low rate environment so I think two aspects of this one is in this low rate environment? The business mix changes you're looking for more fee-based work less net interest this margin type work our business. The problem is for the smaller and medium-sized banks. That that's nearly impossible. So this is a really the question. We expect to see further consolidation in this market and there's also digital only competitors coming after them in each of their micro segments as well well so we expect the number of banks in the US to continue to drop fairly precipitously but also there's a broader question about whether financial services banking either the banks create a broader platform where they put ancillary services around banking or they become part of a larger platform platform. Were banking services are an input into that platform but remains to be seen how that shakes out. Well that's it for this week. Thank you very much to to David. Stephen George and Robin also guest John Garvey from P W C and thank you for listening remember. Keep it today with all of the latest breaking stories at F._D._A.. Dot Com slash banking banking weekly was produced by his love until next week goodbye..
HSBC to stop weekend, overnight services at some Hong Kong ATMs after branches vandalized
"Course another story reminded also monitoring of things or HSBC after the bank close of ATM services in Hong Kong yesterday some branches were also close that's after HSBC's iconic lion statues were vandalized by protesters the protesters accused HSBC of siding with Chinese authorities yeah I mean it was also hang sing bank shutting a couple of branches as well so they got roped into it they're they're owned by HSBC and I wanted to mention as well the Bar Association the law society of condemned abusive graffiti comments have been directed at a judge anti a Pang and this is an interesting and and troubling new area Kathleen that the protesters you know they're pretty much part of civil society in wanting more democracy here in Hong Kong but at the same time to coming out sometimes and criticizing the judiciary and that is is is an independent part of Hong Kong that most people quite proud of so it is
HSBC kicks off year with Hong Kong branches closed, vandalized
"All right let's move on to to Hong Kong yes Hong Kong obviously a rock is start to the new year for Hong Kong and of course HSBC more monitoring things over at the big bank across the street from here where we are in that they break Asia studio HSBC in focus after the bank close an ATM services in Hong Kong yesterday some branches also were closed that's after HSBC's iconic lion statues Stephen and states were vandalized by protesters the protesters accused HSBC of siding with Chinese authorities yeah that was the the closing of the account of that crowd funding platform that that raise money not actually to support the protesters but for bail for protestors that were being charged by police yes and I was outside ages BC all day and it just BC public relations officials came down repeatedly to me to distance themselves or at least convey the message that they did not act in lockstep with the police
U.S. stocks finish lower as trade deadline looms
"All Bloomberg business report stocks fell for a second day traders remain cautious in Sunday's trying to Arab deadline approaches and with the fed's interest rate decision due tomorrow the Dow Jones industrial average dropped twenty eight the S. and P. five hundred fell three the nasdaq composite lost six game stop shares are hitting the skids in late trading video game retailer cut its annual earnings and sales forecast it blames declining hardware sales as current game consoles reach the end of their life cycle the government says US worker productivity fell for the first time in nearly four years during the third quarter the two tenths of one percent decline was larger than expected labor costs rose during the quarter at a two and a half percent annual rate HSBC has agreed to pay one hundred ninety two million dollars to resolve a decades long U. S. tax pro they could mirrored that it helped hundreds of U. S. clients I have over a billion dollars in assets from the IRS I'm Larry Kaski with the Bloomberg business report on W.
"hsbc" Discussed on FT Banking Weekly
"Upon hsbc and why while way chinese telecoms company blames it for lending in legal trouble and finally credit suisse and why it's taking you pay tax authorities who first i to that story about insider trading and this is a case caroline that's been bruce and one by these financial comfortable poetry against you bs member of staff and eight friend yeah that's right so that every child in fact of eight full menu bs compliance officer and had they traded friend ended last week the first child that was in late twenty eighteen resulted in a hung jury say everything speed we all keep in front of a new jersey beginning from east a time this yeah so the jury convicted sop you oughta matic used to walk you bs is compliance department and it will say why they shoot cat who was hud they traded friend then you each of the three mothers they came from london and they've base received a three a jail sentence say they allegations were basically soppy on a street a role cbs accessed price sensitive information on deals cbs is walking on at the time and then would cost them secret eat to when he she cat using phones with multiple sim cards that kind of thing and then shoot cat would trade successfully using contracts the difference on the traits ahead of any announcement tool newspaper articles something like that and ended up not seeing a one million pounds and profit wouldn't be interesting us but it doesn't really matter from my point interview but certainly from a personal point of view the one of the interesting wrinkle here seems to be that mr she can make all the money doesn't seem to have obviously shared it with his partner in crime yeah that's right the prosecution which misty financial conduct to or in this case never alleged that soppy on a made any money a tool from passing inside information she kinda what did happen with that she would take cut to trump which is this rob the infamous private and then this club in london where you see celebrities hanging out and that kind of thing and in sentencing judge joanna kona he presided over the trolls said tiff i'll be honest it is clear that you took every opportunity to enjoy entry into the robber new lifestyle that was being led by shoot a but so i'll be on hardly ever drank say well these mac and some champagne chicago is buying she never republicans say the question does remain why exactly what she rescheduled her reputation and indeed has liberty just be taking the trump now and again absolutely i suppose the broader question is what is the signal in terms of insider trading casey's from what we hear regulators are pursuing this type of crime more seriously than ever does that mean we're gonna see a flood of cases coming from well mock students who will be talking to in this podcast who's the head of yesterday's enforcement division has long promised a crackdown on insider trading it was never something the cia or its predecessor asian cd financial services already had ever prosecuted before two two thousand and eight and then since the financial crisis on the general demand full accountability in the city that
"hsbc" Discussed on Bloomberg Radio New York
"And there have been a series of uncertainties over the last few years politically and young terms of monetary tightening and and various other factors around the world but i would argue that the still relatively low level of investment growth relative to gdp growth would suggest that they all steal just not more confident enough but growth expectations are being revised which is why we might just see a little bit more dovetail you're agers these economics was steve majors colle where he was brilliant for two years or so on low interest rates and we've now come up and steve is always said we could come up in yield but dovetail the hsbc reticence away from higher yields do shift that are you an steve on speaking terms how does that work steve's you is very has very strong foundations in our economic view and has for a very long time jenny tommy chanaka problems hsbc gone worry we very much being in the low inflation camp and we think a lot of these influences all structural i think the difficulty with markets is it ben mind stash is still framed in the views of the 1970s '80s '90s endear eisenhower whereas rule about nominal growth and inflation and actually we had extended periods the full of that when she longterm interest rates volatile no relationship to nominal gdp growth we only see high yields if we so much much higher increase productivity and potential very quickly there goes to potential gdp and productivity is your sir we're potential gdp in the us sub to preserve yeah absolutely out he hit a seventy percent just amazing jim never enough time thank you so much thank you with hsbc either global economics wonderful to ever in with us with really you're different view and i must i must say very quickly john that we get a huge response when anxious species on with us they feel more than strongly that uh a low yields as part of the regime it's out there yeah and a solar line from us it cost to us at casa hsbc actually been lighter on the equity siteom one of the most bearish out there on the sp 500 for this year as well dare i say i a somewhat bearish comparatively sucked hsbc to to.
"hsbc" Discussed on WAAM Talk 1600
"Was on like rewrite number ten in a hit me like a ton of bricks i'm like wait a minute what that means is that money laundering drugdealing is the official business of hsbc it's not like you don't see bankers get prosecuted you do but when you see them get prosecuted he just when they have done on something to enrich themselves in instead of their superiors at the back of the back itself so bruce ample you'll see prosecutions they're insider trading or for front running or whatever but what you won't see like in the wells fargo case number wells fargo opened all those accounts bosley vitamins there was basically each time wells fargo open in the count behind someone's act right that's a case of clearcut case of identity theft fraud and it's a clearcut case of fraud rights and who's to felony counts in each and he did it three million times right nobody goes to jail or not not even it was at the bank's press interest they did that step it's the official business of the banks oprah's accounts because it's cecil updates money laundering which we know from hsbc money laundering for drug dealers and terrorists is the official business the back now when you take that in say wait a minute this is a real problem because if it's true that the banks are the ones who are really calling the shots and they do in fact outranked the president and he outranked congress in the outranked the supreme court all of which is incontestable then it means that the business of the government of the real government the united states is drugdealing and terrorists that's their business that's why people are going to jail for that stuff yeah and john up your head around now john don't law let's let's get this and put our heads around this one now when that letter was written in 2011 there there was an individual that sat on hsbc sport at the time i believe his name was james call me now that if not quite right colmey comes into play here's the timing on com so hsbc pleads guilty and nobody goes to jail right they pay a one point nine two billion dollar fine which is not a fine they just simply dial up that amount.
"hsbc" Discussed on FT Banking Weekly
"Say lord hain has written to the treasury edging that the fca another authorities look at what he described as possible criminal complicity had already flagged up issues that by standard chartered and hsbc in relation to the cup to the few weeks ago however they were more general terms of allegations and more historic say this really represents is stepping up if the accusations against hsbc in particular and the problem for the bank really is it's earlier and separate deferred prosecution agreement with us authorities back in 2012 for money laundering and sanctions breaches said the issue for them is that if this is deemed breached if that epa which is due to expire next year that could be a real problem let me bring martin at this point first for view about the seriousness of this case a men may be your reflections on what some people might call greenwashing when a few days later hsbc came out with an announcement that they were going to invest two hundred billion dollars in essentially green environmental initiatives well the bank is in the process of going through a change of leadership and stuart gulliver is handing over in february as chief executive and ductless flint has already handed over as chairman to mark tucker john flint is being promoted to takeover ceo so this comes at a crucial point for hsbc and the deferred prosecution agreement that carolina for two is a fiveyear deal with the department of justice in the us due to expire at the start of next year so again a crucial point for the bank.
"hsbc" Discussed on FT Banking Weekly
"Welcome to banking weekly from the financial times with me patrick jenkins joining me in the studio today mountain onaled are banking edison and caroline benham our financial regulation correspondent down the line from zero we have laura noonen our investment bank correspondent and we've been talking to the policy chairman of the corporation of london catherine mcguinness this week we will be discussing hsbc at its week of two hobbs also a look at what wall street thinks of brexit on the evidence of catherine mcguinness's trip from the corporation of london to the us and finally a look at the f tease new sexual discrimination pole and what it's telling us so far first though to hsbc as i said a week of two hobbs last week we had another scandal emerging all evidence of one maybe caroline you could start off talking about that and then we'll come to maltin and the rather more positive news that the bank was trying to convey a few days later yes they lost wieght we saw lord hain a who has ties to south africa is the former labour cabinet minister making some quite strong accusations against an unnamed bank however we named as hsbc regarding the fact that large transfers tied to the cup to family here at the heart of a corruption scandal and south africa were allegedly ignored by hsbc back in the uk they were flagged up in town me within hsbc south africa but then allegedly were ignored by uk.
"hsbc" Discussed on FinTech Insider
"You see komarom rama before accenture bowl them pitching this this must have just got some people going what we're going to have a space man pushing forward ira it so zoe samantha this whole campaign so zoe burns shaw whose first oryx had a brand new marketing say's that the reality is good consumer service now comes with the territory is not something people ict it's just something people expect to me amazon age owning zone it isn't enough of a brand differentiates anymore the problem is if you spend too much of your appetizing talking about customer service that unless you're ready your customers you don't really have any idea of what that means so that positioning themselves and they got this statement as a modern digital bank so you know first oryx osce done phenomenal well around the phone they all if you if you want to bank by the phone by phone banking they all the the guys you go to great customer reviews like hsbc systems behind the scenes hsbc banking app but blow hitch has bc away in terms of the black brand versus the redbacked brand in terms of customer experience so i find it really interesting that they are now sort of saying actually we're going to be the modern digital bank a push forward that the app hundred pound switching incentive and then be championing technology such as voiceactivated all id a mortgage schemes like wow okay good on him i didn't i don't get the.
"hsbc" Discussed on Money Box
"The manda murphy and the link to that hsbc helpline is on our bbc money box website click on hsbc says sorry and if you've got a pen it's oh eight thousand thirty forty five sixteen of eight thousand thirty forty five sixteen we'll also theresa linked to it later do let us know if you'll still having problems with hsbc safeguard we will pass them mold the latest figures from the bank of england show that the amount we are borrowing not to buy houses but to spend grew by eighteen billion pounds in the last twelve months that's an increase of nearly ten percent it's a trend the bank itself is worried about as governor mark connie explained in june consumer credit growth hers for outpaced that of household income over the past year with notable increases across credit cards personal loans an autofinance in an environment of intense competition interest margins have fallen and risk assessments by lenders have declined but there is some concern that the bank itself has helped calls this problem for the last five years it's been encouraging banks to lend us more money by lending then it's own money at virtually no cost the latest plan is called turn funding scheme multi f s banks can dip into his as they please and as long as a certain amount of 83 lent to customers their charge just a quarter of 1 percent this boosts the amount of credit which together with the cut in bank rate was supposed to help the economy after the eu referendum last year but all banks using the term funding scheme for their own advantage not hours while we have some exclusive figures prepared for us by eric britain he used to work at the bank of england's monetary analysis division now he's director of fathom financial consulting.
"hsbc" Discussed on Money Box
"We cannot pay rent and it's been unclear whether or not we can receive income up until this point because we physically cannot even look at our account a primary focus at the moment is getting the account that we currently have opened and then depending on kind of well h species response to this is i think we would have to start looking at other banks because we need to know as much as they need to know that they can trust the customers to be doing the right thing we need to know that we can try stop buying to hold on money responsibly in touch lee take care of our business as well todd and ian from the antiltte church the problems being caused by a scheme that hsbc cold safeguard a series of initiatives the bank says safeguards your hard earned money and savings from financial crime and fraud it was introduced to offer one point two billion pound fine in the usa to settle allegations it laundered money for mexican drug cartels that's part of that deal it was forced to review its global operations to ensure its customers were not involved in criminal activity it also faces scrutiny by the uk regulator over it measures to tackle financial crime amanda murthy as hsbc head of commercial banking first of all i i like to say that i am so sorry i'm so sorry that our customers had that inconvenience and i can no having it they are indeed and i can only apologise to to mr roberts now i know that my colleague has has just talk with mr roberts his bank account is open it is operational unlicensed we got involved and nate part of our normal process of content our customers and our by monday he will be able to offer operate international payments as well we highlighted these problems your team seven months ago when we were told then reviewing the procedures to mate was through smooth possible.
"hsbc" Discussed on WSJ Tech News Briefing
"Not just for either sort of bottom tier workers but also for everybody else because you know the minimum wage kind of sets a floor if you're canal pain somebody the wage that somebody else higher up the scale is is making you've gotta move everybody else up the line so they're definitely voicing their concern were speaking to the wall street journal's alessandro laszio about silicon valley becoming a leading force to boost the minimum wage you're listening to the wall street journal techniques briefing this podcast is sponsored by hsbc when it's time to take your business international were take your international presence to a whole new level hsbc has the network to connect you to the world search hsbc international to learn more thanks for joining us so interesting that i you know taking place in silicon valley it's a fertile ground for tax tag is booming it's where the money is do you think this will drive even more attention to silicon valley in the way this plays out might sort of be of an example of sorts yes i do if i mean i i do think certainly that is the intent of the people who are behind these increases of been certainly there's been a lot of attention on the issues like uh you know inequality in this region jennifer caitian and um know there was this big conflict a couple years back with these technology buses that were shuttling people back and forth from the sea san francisco to silicon valley and how that was affecting life and in real estate in just kind of changing the way things.
"hsbc" Discussed on WSJ Tech News Briefing
"Thing of a joerg uh with a wireless radio in it in the world may and so you know you combine all three these you could really see how you know wow awake let's use ai to learn about how you interact with your environment and give you appropriate feedback you know through augmented reality um so that you can command the internet of things around you like it gets pretty mystical fast but that's where we go we're speaking with wall street journalist christopher man's talking about ten years of the iphone and what's in store for the next ten years ill listening to the wall street journal techniques briefing this podcast the sponsored by hsbc when it's time to take your business international were take your international presence to a whole new level hsbc has the network to connect you to the world search hsbc international to learn more thanks for joining us secrecy were just talking about something really important about how all of this tech comes together in this very lifeenhancing kind of way but there's this catch twenty two all of this comes with constant surveillance is it's safe to say that this is an inevitable tradeoff and that you know we have ten years to get used to it so we better start i mean different companies are making different bets on this ray org apple is having to relent and they're going to after some more of your data the cloud apple has really set itself up as the privacy company right like they're trying to do as much as they can on the phone itself you know the only real security sometimes is just to never sending to the internet at all and they're doing that when they can uh but i think that there's going to be this trade.
"hsbc" Discussed on WSJ What's News
"During that time but it was really the um the extra fees that that got him a lot of extra money in the last year so i'm speaking with alexandra burr's on of the wall street journal and you're listening to what's news this plug test is sponsored by hsbc when it's time to take your business international were take your international presence to a whole new level hsbc has the network to connect due to the world search hsbc international to learn more thanks for listening everyone alexandra president trump has been under fire for not releasing his tax returns so were obviously interested in whatever financial disclosures are released what seems to be the real purpose behind releasing this latest form won't leave the really mtd any they do have quite a while the incur me fan but they don't tell us everything they tell a different area that business but um it's not always clear you know why something went went up so much like when area that went up with something called the trump corporation which is one at his elbow fees that seems to um you went had had something the code management fees it may be yum managing honda went mina betting twelve million it's not completely clear why that suddenly had that spike who we don't we don't see everything um in terms of his even in just two on the revenue side picture with these forms but it does tell us um you know a bit of information so it's it's it is quite important in terms of understanding um where his of business wise and trying to keep keep watch of any potential conflicts that could arise and my.
"hsbc" Discussed on WSJ What's News
"I'm speaking with vanessa firmers of the wall street journal and you're listening to watch news this podcasts sponsored by hsbc when it's time to take your business international or take your international presence to a whole new level hsbc has the network to connect you to the world search hsbc international to learn more thanks for listening everyone vanessa name some issues were ceos have been successful in persuading the president or in some cases getting him to change his mind sewer one right off the bat was the administration's stance toward china all through the election campaign trump would accuse china of being a currency manipulator um a after the inauguration perhaps even before you a lot of a business leaders would weigh in on that subject and say on nick actually it's not so simple this issue hasn't been one with china for a while and um you know people within the white house and outside said this contributed to trump changing his point of view on that another is the export import bank which again during the campaign season trump called this was his word featherbedding for a handful of large companies afterward by well been particular one conversation with the boeing ceo helped him softened his position and smaller manufacturers also came to the white house and made their case and said no this is actually something we use as well this helps us in our trade is important and then a few weeks eight later after that particular march meeting he announced actually in an interview with the wall street journal that he was switching his position and would back the bank what about the north american free trade agreement yes again the president has taken numerous positions on nafta some harder some softer but there was a point in april where it appeared he was about to more definitively say he wanted to pull out of the agreement and well of course both the leaders of mexico and canada.
"hsbc" Discussed on WSJ What's News
"This podcast is sponsored by hsbc when it's time to take your business international were take your international presence to a whole new level hsbc has the network to connect you to the world search hsbc international to learn more thanks for listening everyone harriet what factors does the federal reserve look at when it makes its economic growth forecasts when they're focusing gdp essentially they gdp growth cents she'd two things on and that's the size of the labor force and walk productivity so if either of those increase at any point exponentially than that will um that could potentially drive gdp haya but on the labor force bonnaud's has been shrinking came because baby boomers retiring and potentially they'll be less immigration um in the coming years and walk productivity has been really really bad for about a decades on there is there is potential for if that were some sort of technological change that could lift worker productivity than that that could be a breakout but at this point in time um wocka productivity has not been particularly well wall street journal reporter harriet tori joining us from washington thanks a lot haret thanks and thanks for listening i'm charlie turner at the news desk in new york makes sure to check out the future and everything podcast because the future is closer than you think all new episode each friday in gene the wall street journal listen ambitiously.
"hsbc" Discussed on WSJ Opinion: Potomac Watch
"This podcasts sponsored by hsbc when it's time to take your business international were take your international presence to a whole new level hsbc has the network to connect you to the world search hsbc international to learn more follow the wall street journal on your favorite podcast app search wsj on apple pie cath iheartradio spotify google play music stitch her and any amazon alexa device the wall street journal listen ambitiously from the opinion pages of the wall street journal this is the thomann welcome back on with my colleagues kim strauss orlando drill rigaud and we want to talk about to the president's trip overseas continuing on the lead in this week he headed towards after visiting the pope in rome he went on to brussels for the annual nato summit the first to nato summit of his presidency therefore while waited with summit patient given the president's critique in the campaign as nato of being obsolete as he so delicately put it this is a he's walked much of that back in in recent months he now even overly once said i said it was obsolete now it's not obsolete and one of the reasons he says as not obsolete is it has made a turn on fighting terrorism for example instead of thinking only or mainly about the uh uh about uh the threats from a russia and the uh the refugees uh for example there now joined up the one of the announcements the coalition nato is going to join the coalition fighting islamic state which is led by the united states and iraq and that's a significant change in policy one that i think probably would not have happened without trump.