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HSBC has dismissed a group of investment bankers in London and Hong Kong on the day they were to receive their bonuses, citing a shift in focus towards Asia and the Middle East. The affected employees, primarily at vice president level or above, were reportedly surprised as they expected to receive bonuses tied to their performance. This move follows a similar strategy by Barclays to minimize large payouts, amidst HSBC's ongoing cost-cutting plan aimed at saving $1.5 billion annually by 2026.
HSBC has terminated investment bankers on bonus day, denying bonuses to many affected, reflecting a cost-cutting strategy under new CEO Georges Elhedery. The bank is restructuring its UK investment banking operations, aiming to save $300 million by 2025 and $1.5 billion annually by the end of next year. Despite the layoffs, some bankers expected bonuses for prior work, highlighting a shift in HSBC's traditionally supportive culture.
HSBC is set to expand its investment banking operations in Asia and the Middle East, focusing on debt financing, mergers and acquisitions, and equity capital markets, following its exit from key European and U.S. businesses. CEO Georges Elhedery emphasized the bank's strategy to concentrate on areas where it can provide differentiated services, aiming for $1.5 billion in annual savings by 2026 through a major restructuring initiative. The bank will continue investing in Hong Kong, reinforcing its position as a leading cross-border wealth hub.
HSBC plans to expand its investment banking operations in Asia and the Middle East while exiting key businesses in Europe and the U.S. The bank will focus on debt financing, mergers and acquisitions, and equity capital markets, aiming for $1.5 billion in annual savings by 2026 through a major restructuring initiative.CEO Georges Elhedery emphasized the importance of Hong Kong as a central hub for cross-border wealth, while the bank continues to streamline operations, including job cuts and business sales, to enhance its competitive edge in priority growth areas.
HSBC Holdings PLC is in advanced negotiations to sell its German fund administration unit to BlackFin Capital Partners for approximately €400 billion ($435.16 billion). Current CEO Georges Elhedery is spearheading a major restructuring, which included merging the commercial banking division with the global banking and markets unit. Meanwhile, APS Bank has expressed interest in acquiring HSBC's 70% stake in its Malta branch, with shareholders approving the sharing of sensitive information with potential buyers.
HSBC is negotiating to sell its German fund administration unit to BlackFin Capital Partners for approximately €400 billion ($435.16 billion). This move is part of a broader restructuring led by CEO Georges Elhedery, aimed at reducing costs and streamlining operations, including significant job cuts and business simplifications. The bank has also recently sold its private client trust business and is focusing on growth in Asia.
HSBC is negotiating to sell its German fund administration unit to BlackFin Capital Partners for approximately €400 billion ($435.16 billion). This move is part of a broader restructuring led by CEO Georges Elhedery, aimed at reducing costs and streamlining operations, including significant job cuts and business simplifications. The bank has also recently sold its private client trust business and is focusing on growth in priority areas.
UBS CEO Sergio Ermotti earned CHF 14.9 million in 2024, slightly more than the previous year, but significantly less than his American counterparts, who command salaries up to $39 million. While Ermotti's daily earnings surpass the Swiss median salary, European bank CEOs generally earn much less than their U.S. peers, highlighting a stark contrast in compensation within the banking sector.
Cryptocurrency prices surged after former President Trump proposed a US strategic reserve for digital assets, aiming to legitimize the industry. Bitcoin rose over 11% to trade above $94,000, while legislative proposals for a reserve are advancing despite some opposition.In banking news, Deutsche Bank faced disputes with the ECB over loan loss provisions, with the central bank suggesting a higher estimate of €2.5bn compared to Deutsche's €1.5bn. The bank ultimately reported €1.8bn in provisions for 2024, leading to the resignation of its chief risk officer.
Julius Baer Group Ltd. is set to appoint former HSBC CEO Noel Quinn as its new chairman on March 1, 2025, following the departure of Philipp Rickenbacher amid financial struggles linked to the collapse of Rene Benko’s Signa real estate group. Quinn's appointment comes as the bank undergoes significant restructuring under new CEO Stefan Bollinger, who has announced plans to cut around 400 jobs and streamline the executive board.
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