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Five Star Bank's parent company has agreed to a $29.5 million settlement over a class-action suit regarding its auto loan notification process, without admitting liability. The lawsuit, initiated by borrowers in New York and Pennsylvania, questioned the adequacy of notifications sent after vehicle repossessions.In other news, HSBC's U.S. CEO, Lisa McGeough, emphasized the bank's commitment to Buffalo, highlighting its local workforce and the importance of the region to the bank's operations. HSBC operates a high-performing wealth center in Amherst, catering to international clients, while McGeough advocates for an inclusive work environment and proactive career management.
Five Star Bank's parent company has agreed to a $29.5 million settlement over a class-action suit regarding its auto loan notification process, which questioned whether proper notices were sent to borrowers post-repossession. The settlement, reached without an admission of liability, affects borrowers in New York and Pennsylvania.In other news, HSBC's U.S. CEO, Lisa McGeough, emphasized the bank's commitment to Buffalo, highlighting its significant local workforce and the importance of the region to the bank's operations. HSBC operates a high-performing wealth center in Amherst, catering to international clients.
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 plc shares reached a 52-week high of $51.93, reflecting a 32.42% increase over the past year, supported by a market cap of $181.2 billion and a P/E ratio of 8.5. The bank reported an 11% rise in profit before tax to $8.5 billion and announced a $3 billion share buyback program. Additionally, Lisa McGeough will become the new President and CEO for the U.S. in January 2025, marking a significant leadership change.
Lisa Mcgeough
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