HSBC Financial News

Andy Clark joined ESG-focused EdenTree Asset Management as chief executive in September 2020, after eight years overseeing HSBC Asset Management's UK arm.

HSBC's chief financial officer decided to leave the company after becoming impatient with the timetable for the chief executive job to open up, according to people familiar with the matter.

When a headhunter called Brian Heyworth to ask if he would like to help run Lansdowne Partners, it was “an incredibly easy decision to make”, he says.

HSBC has named Greg Guyett sole chief executive of its investment bank, as co-head Georges Elhedery moves to become its new chief financial officer.

Fees from HSBC's dealmakers nearly halved in the third quarter, but a 20% surge in trading activity helped its overall investment bank increase profit.

The UK advertising watchdog has banned several HSBC promotions for overstating the bank's green credentials.

Tom Zschach, chief innovation officer at Swift says that the success showed that the blockchain networks could be interlinked for cross-border payments through a single gateway, and that Swift’s new transaction management capabilities could orchestrate all inter-network communication.“For CBDCs, our solution will enable central banks to connect their own networks simply and directly to all the other payments systems in the world through a single gateway, ensuring the instant and smooth flow of cross-border payments," he says.14 central and commercial banks, including Banque de France, the Deutsche Bundesbank, HSBC, Intesa Sanpaolo, NatWest, SMBC, Standard Chartered, UBS and Wells Fargo, are now collaborating in a testing environment to accelerate the path to full scale deployment.As reported by Finextra yesterday, a seperate Swift-led pilot has also successfully implemented a common framework linking tokenisation systems between CSD’s and global custodians. Working in collaboration with Citi, Clearstream, Northern Trust, and technology partner SETL, Swift explored 70 scenarios simulating market issuance and secondary market transfers of tokenised bonds, equities and cash.

Senior bosses at City firms have been encouraged to 'stick their necks out' and lead by example, and create safe spaces for employees to talk about their experiences if they want to improve diversity and inclusion across the industry.

The digital asset management firm was co-founded by a former trader at HSBC Holdings, Ashutosh Goel, and a former executive at Meta, Supreet Kaur, who are chief investment officer and chief operating officer respectively.

As the majority of the world’s Central Banks are now developing or researching the prospects of Central Bank Digital Currencies (CBDCs), the Society for Worldwide Interbank Financial Telecommunications has detailed how these individual CBDCs can co-exist in a global setting.

Tom Zschach, chief innovation officer at Swift says that the success showed that the blockchain networks could be interlinked for cross-border payments through a single gateway, and that Swift’s new transaction management capabilities could orchestrate all inter-network communication.“For CBDCs, our solution will enable central banks to connect their own networks simply and directly to all the other payments systems in the world through a single gateway, ensuring the instant and smooth flow of cross-border payments," he says.14 central and commercial banks, including Banque de France, the Deutsche Bundesbank, HSBC, Intesa Sanpaolo, NatWest, SMBC, Standard Chartered, UBS and Wells Fargo, are now collaborating in a testing environment to accelerate the path to full scale deployment.As reported by Finextra yesterday, a seperate Swift-led pilot has also successfully implemented a common framework linking tokenisation systems between CSD’s and global custodians. Working in collaboration with Citi, Clearstream, Northern Trust, and technology partner SETL, Swift explored 70 scenarios simulating market issuance and secondary market transfers of tokenised bonds, equities and cash.

Catherine Zhou, global head of ventures, digital partnerships and innovation, HSBC, seemed a fitting individual to kick off Finextra’s Sibos coverage. Joining a the panel titled, ‘Spotlight on Digital Value: Conquering the metaverse - should securities firms start buying plots of virtual land,’ Zhou will dive in to the meaty Metaverse world, sharing the perspective of one of the globe’s largest financial institutions.

Metaverse is and the components it consists of, is key to understanding the potential of the Metaverse for banking. The metaverse is simply a digital representation of our existing reality. Sounds interesting, isn’t it? It has moving pieces of the puzzle that can make it into a possibility followed by a business opportunity. Platform, technology, marketplace, and commerce play vital roles in developing the metaverse. Participants in each ecosystem are characterized by distinct evolution processes. Holographic and immersive gadgets will be used to create the Metaverse. Digital items are projected into the real world, appearing as if they are actually there, with holographic devices. Virtual reality replaces the physical environment and provides an immersive experience by concealing it. You might be thinking about how this is even affecting the business in general. Banks are a very great example of how the metaverse can change the way industries and individuals think about a product or service. One of the significant changes that the metaverse brings to banks is the potential for a highly immersive user experience. They can tailor their digital spaces to suit individual customers or provide a consistent experience across the board.

HSBC is considering moving out of its global headquarters in Canary Wharf as the bank shifts to hybrid working and cuts back on office space.

The Bank for International Settlements (BIS) has announced the successful completion of the “first CBDC pilot,” as part of the second phase of Project Inthanon-LionRock. 

HSBC Asset Management's former responsible investing boss Stuart Kirk, who quit in July amid controversial comments he made on climate change, has slammed industry pledges to divest from coal companies as “immoral, negligent, and potentially harmful to the environment”, in another apparent criticism of his former employer.

After a bumper year for banks in 2021, it looks like it's job cuts time again.

Investors should avoid allocating to Europe in the hunt for value stocks, as the continent's energy crisis means the risk-reward is still not there, according to Willem Sels, global CIO at HSBC Private Banking and Wealth Management.

HSBC’s fund arm said it will phase thermal coal companies out of its portfolios in a toughening of its stance on climate change.

HSBC has trimmed front-line staff from its investment bank in the UK, as a dealmaking slump this year is set to prompt a fresh round of layoffs across the sector.

The bank is joining other early settlers in Ubuntuland, including MTN, World Data Lab, and M&C Saatchi Abel.Nedbank's entry into the metaverse follows similar investments from the likes of DBS Bank, HSBC, JP Morgan, and Fidelity Investments.Khensani Nobanda, group executive for marketing and corporate affairs at Nedbank Group says: "Our entry into the metaverse is not merely about having a presence in this space, it's about meeting the needs of our clients on platforms that resonate with them."