HSBC News

HSBC’s Life Insurance Unit to Buy Out Joint Venture Partner in China

HSBC Holdings PLC said on Monday its insurance unit had agreed to acquire its China life insurance venture partner’s 50% stake to own fully the company under the new rules on foreign ownership that came into effect in January. The …

HSBC to Shift $20 Billion Worth of Assets to Blockchain-Based Platform

HSBC aims to shift $20 billion worth of assets to a new blockchain-based custody platform by March, in one of the biggest deployments yet of the widely hyped but still unproven technology by a global bank. The platform, known as …

Hong Kong’s FWD to Buy HSBC’s Stake in Malaysia Insurance Joint Venture: Sources

Hong Kong-based insurer FWD Group has agreed to buy HSBC Holdings Plc’s stake in a Malaysian insurance joint venture as part of a plan to expand its presence in Asia, three people familiar with the matter said. FWD, owned by …

China’s Ping An Insurance Now Second Largest Shareholder in Britain’s HSBC Bank

HSBC has a three-year head start on its foreign investment banking rivals in China because of the British bank’s unique position of having management control of its securities venture there, chief executive Stuart Gulliver said on Thursday. Gulliver’s comments come …

Allianz Sets Its Sights on Asia-Pacific’s ‘Growth Engine’

Allianz SE, the German insurer that stemmed outflows at U.S. asset manager PIMCO, is now trying to bulk up on the other side of the world. “Asia is still a relatively small part of the overall global portfolio but it …

Update: AXA’s Chairman & CEO De Castries to Retire Early; Buberl Named CEO

AXA SA Chairman and Chief Executive Officer Henri de Castries is leaving earlier than expected, handing over the post of CEO to Thomas Buberl as France’s largest insurer splits its top jobs. De Castries, 61, will retire at the start …

HSBC to Pay Mass. Homeowners $2.7M Over Force-Placed Insurance Practices

Massachusetts Attorney General Maura Healey said national mortgage lender and servicer HSBC has agreed to pay $4 million to resolve allegations involving force-placed insurance practices. The settlement resolves allegations that HSBC received commissions and other “kickbacks” relating to force-placed insurance …

HSBC to Cut Up to 50,000 Jobs; Targets Growth of Asia Insurance Business

HSBC pledged a new era of higher dividends on Tuesday, laying out plans to slash nearly one in five jobs and shrink its investment bank by a third to combat sluggish growth across its sprawling empire. Chief Executive Stuart Gulliver …

JPMorgan Hackers May Have Hit Multiple Financial Firms

The hackers who raided the data banks of JPMorgan Chase & Co. used computers now linked to possible attacks on at least 13 more financial companies, according to a person familiar with the investigation. More than a month after the …

Big Banks Win Dismissal of Most LIBOR Rate Rigging Claims

The world’s biggest banks won a major victory on Friday when a U.S. judge dismissed a “substantial portion” of the claims in private lawsuits accusing them of rigging global benchmark interest rates. The 16 banks had faced claims totaling billions …