HSBC News

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 …

HSBC to Pay Record $1.9 Billion U.S. Fine to Settle Money Laundering Case

HSBC Holdings Plc has agreed to pay $1.92 billion to settle a multi-year U.S. criminal probe into money-laundering lapses at the British lender, the largest penalty ever paid by a bank. HSBC admitted to a breakdown of controls and apologized …

Thai Group Buys Ping An Stake from HSBC for $9.38 Billion

A conglomerate controlled by Thailand’s richest man, Dhanin Chearavanont, has bought a minority stake in China’s Ping An Insurance for $9.38 billion from global bank HSBC, a bold move that ranks as Asia’s second-largest deal this year. Dhanin’s Charoen Pokphand …

HSBC in Talks to Sell $9.3 Billion China Ping An Stake

HSBC said it was in talks to sell its $9.3 billion stake in China’s Ping An Insurance, stepping up a program by Europe’s biggest bank to shed non-core parts of its business to boost profitability. HSBC spent $1.7 billion to …