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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  HSBC Holdings plc    HSBA   GB0005405286

HSBC HOLDINGS PLC

(HSBA)
  Report
Delayed Quote. Delayed London Stock Exchange - 11/27 11:37:28 am
404.85 GBX   +1.76%
06:16aUniCredit to hold extraordinary board meeting on governance - source
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06:09aUniCredit to hold extraordinary board meeting on governance
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11/28HSBC : considers exit from U.S. retail banking - FT
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Exclusive: HSBC to cut up to 300 jobs in UK commercial banking overhaul - source

10/21/2020 | 12:53pm EST
An HSBC bank is pictured in New York

LONDON (Reuters) - HSBC has launched a restructuring of its commercial banking business in Britain, a source familiar with the matter told Reuters on Wednesday, resulting in around 300 job losses.

The cuts are part of a wider restructuring announced in February, as HSBC seeks to reduce costs globally in an environment where increasing revenues has proved difficult.

"In line with the Group strategy announced in February, we continue to restructure and review the roles required to transform the bank," a spokesman for HSBC said.

Europe's biggest bank in June resumed plans to cut around 35,000 jobs it had put on ice after the coronavirus outbreak, as it grapples with the impact of the pandemic on its already shrinking profits.

Chief Executive Noel Quinn has said the moves are necessary to improve the banks profits, as economic forecasts point to a challenging time ahead for the Asia-focused lender.

HSBC in August warned its loan losses for the year could blow past previous estimates to as much as $13 billion, as the coronavirus pandemic hammers the bank's retail and corporate customers worldwide.

HSBC's commercial banking business provides loans and other banking services mainly to small and medium-sized businesses.

The unit has in common with its rivals struggled in recent years to improve revenues amid rising competition and rock-bottom interest rates that squeeze the margins between deposits banks take in and loans they make to borrowers.

Other measures in the lender's global restructuring drive include the disposal of its French business, which it may have to sell at a big loss, Reuters reported last month.

(Reporting by Lawrence White, editing by Sinead Cruise and Carmel Crimmins)

By Lawrence White


© Reuters 2020
All news about HSBC HOLDINGS PLC
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11/28HSBC : considers exit from U.S. retail banking - FT
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Financials (USD)
Sales 2020 50 046 M - -
Net income 2020 3 567 M - -
Net Debt 2020 - - -
P/E ratio 2020 31,5x
Yield 2020 1,77%
Capitalization 109 B 109 B -
Capi. / Sales 2020 2,18x
Capi. / Sales 2021 2,20x
Nbr of Employees 230 317
Free-Float 98,1%
Chart HSBC HOLDINGS PLC
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HSBC Holdings plc Technical Analysis Chart | HSBA | GB0005405286 | MarketScreener
Technical analysis trends HSBC HOLDINGS PLC
Short TermMid-TermLong Term
TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 24
Average target price 4,95 $
Last Close Price 5,39 $
Spread / Highest target 37,4%
Spread / Average Target -8,23%
Spread / Lowest Target -30,5%
EPS Revisions
Managers
NameTitle
Noel Paul Quinn Group Chief Executive Officer & Executive Director
Mark Edward Tucker Non-Executive Group Chairman
John M. Hinshaw Group Chief Operating Officer
Ewen James Stevenson Chief Financial Officer & Executive Director
May Lung Cha Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
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