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HSBC is negotiating a pay package for CEO Georges Elhedery that could reach £15mn, following his appointment and a major cost-cutting initiative. His fixed salary would be halved, while performance-related pay could increase significantly. This potential package surpasses the £10.6mn received by his predecessor, Noel Quinn, in 2023. As part of the restructuring, HSBC plans significant job cuts and has seen the departure of Christina Ma, head of global banking for Asia Pacific, after less than two years.
Additional Tier 1 (AT1) notes, designed to bolster bank capital during crises, have proven ineffective, as highlighted by the Credit Suisse collapse. With significant legal uncertainties and risks of market contagion, regulators, including Australia’s, are moving to phase them out to enhance banking stability. The focus is shifting towards simpler, more effective capital structures that do not rely on these complex instruments.
HSBC's mobile app Zing, launched to compete with fintech rivals, attracted nearly 131,000 customers but had only 8,736 active users before its closure, falling short of targets. Analysts criticized the app for lacking differentiation from HSBC's existing services, highlighting the challenges traditional banks face in the digital space. The bank's decision to shut Zing aligns with its broader strategy to simplify operations, reflecting a struggle to keep pace with agile fintech competitors.
Barclays has faced significant technical issues, leaving customers unable to access essential banking services such as online banking, payments, and transfers. The outage occurred at a critical time for over 20 million UK customers, many awaiting their first paychecks of the year. While the bank has apologized and confirmed that no late-payment penalties will apply for self-assessment tax returns due to the outage, customers have reported ongoing difficulties with card payments despite claims of normal operations.
Deutsche Bank's CEO Christian Sewing emphasizes the need for predictability and consistency as the bank faces challenges highlighted by a 92% profit drop in Q4 and a reliance on volatile trading revenues. While shares have risen since 2020, the bank's valuation lags behind peers, with 2025 set as a critical year for its turnaround efforts. Investors remain cautious, fearing the unpredictability of trading income compared to more stable revenue sources like wealth management.
Deutsche Bank has embraced memes to explain the implications of China's DeepSeek AI model, highlighting shifts in the AI landscape and public sentiment towards technology. Their humorous approach includes insights on productivity forecasts, AI job market trends, and the trust issues surrounding AI, reflecting a blend of financial analysis and cultural commentary.
Deutsche Bank reported a staggering 92% drop in net profit for the last quarter, attributing the decline to litigation costs and a mis-selling scandal. CEO Christian Sewing announced plans to reassess weaker business units and aims for a leaner operation, while targeting over €32bn in revenues by 2025. Despite challenges, the bank initiated a €750mn share buyback and increased its dividend to €0.68 per share for 2024.
Barclays has tightened its hybrid working policy, requiring most of its 85,000 employees to work in the office at least three days a week, up from two. This change aligns with a broader trend among banks, as firms like JPMorgan and WPP also enforce stricter in-office attendance rules. The shift reflects a growing emphasis on collaboration in physical spaces post-pandemic.
JPMorgan is negotiating to lease approximately 150,000 sq ft of Credit Suisse’s former UK headquarters in Canary Wharf, as it aims to bring all staff back to the office full-time. The bank's requirements may expand to half the 540,000 sq ft building, which is leased until 2034. This move comes amid rising vacancies in Canary Wharf, with other major tenants like HSBC and Barclays reducing their office space.
Wall Street analysts predict Tesla's 2025 vehicle sales will grow at a slower pace than Elon Musk's projections, estimating a 16% increase to 2.07 million units amid potential rollbacks of EV incentives under President Trump. Concerns over competition, an aging product lineup, and the impact of high prices on the EV market further complicate Tesla's outlook, despite optimism surrounding its advancements in artificial intelligence and autonomous driving technology.
Roula Khalaf
People
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