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Goldman Sachs has raised its target price for HSBC Holdings to $93, citing upside risks to net interest income due to sustained high policy rates in developed markets. The firm also noted the new CEO's cost-saving plan, which aims to cut $800 million by streamlining senior staff, while emphasizing the need to assess the Corporate and Institutional Banking division's internal processes and interdepartmental relationships.
HSBC Holdings executed a bullish block trade of 136,000 shares at $79.55, resulting in a turnover of $10.819 million. Goldman Sachs has raised the target price for HSBC to $93, citing potential upside risks in market net interest income forecasts. Additionally, HSBC repurchased 2.5 million shares for approximately $200 million last Tuesday.
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HSBC Holdings PLC will redeem $2.25 billion in senior unsecured notes on March 10, 2025, including $1.75 billion of 2.999% fixed/floating rate notes and $500 million of floating rate notes, both maturing in 2026. Holders will receive accrued interest and must surrender securities at HSBC Bank USA's registered office. A 24% backup withholding tax may apply for those without a certified taxpayer identification number.
HSBC, under CEO Georges Elhedery, is restructuring its operations, significantly impacting investment banking roles in Europe, the UK, and the Americas. The bank plans to cut expenses by at least $3 billion, winding down equity capital markets and advisory services while shifting focus to Asia and the Middle East. Employees in affected regions face job cuts, smaller bonuses, and potential relocation, as HSBC aims to enhance competitiveness in markets where it has a stronger edge.
HSBC Holdings is restructuring its operations by downsizing its investment banking business in Europe and the Americas while intensifying its focus on Asia and the Middle East. The bank aims to concentrate on mergers and acquisitions and other capital market activities in these regions, recognizing them as key growth drivers.
Citi has reaffirmed a Buy rating on HSBC Holdings with a target price of GBP8.90, highlighting the bank's strong performance and strategic shift away from loss-making investment banking activities in Europe and the US. This restructuring is expected to yield $3 billion in cost savings, with minimal revenue impact. Additionally, HSBC has appointed Lisa McGeough as the new President and CEO for the US, marking a significant leadership change.
HSBC Holdings is set to wind down its investment banking operations in the UK, Europe, and the Americas as part of a restructuring strategy aimed at creating a more competitive, financing-led model. The bank will close its mergers and acquisition advisory and equity capital markets businesses outside Asia and the Middle East, with CEO George Elhedery emphasizing a shift in focus towards Asia. While the exact number of job losses remains unclear, the announcement has left many employees unsettled.
HSBC Holdings will wind down its investment banking operations in Europe, the UK, and the Americas, focusing instead on Asia and the Middle East. The restructuring, led by CEO Georges Elhedery, aims to enhance competitiveness by retaining only essential M&A and equity capital markets capabilities in targeted regions. The bank plans to cut expenses by at least $3 billion, with potential impacts on bonuses and job roles as it shifts resources to strengthen its position in Asia and the Middle East.
[Bloomberg]
HSBC HOLDINGS
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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