Latest news with #HSBC
Mint
29 minutes ago
- Business
- Mint
HSBC Hastens Search to Find Next Chairman as Tucker's Exit Nears
(Bloomberg) -- With the clock ticking in the hunt for HSBC Holdings Plc's next chairman, Europe's largest bank is speeding its efforts to assemble a list of candidates for the role. Chairman Mark Tucker's announcement last week that he would leave HSBC in September to take on a non-executive chairman role at AIA Group Ltd. came as a surprise to some of his fellow board members, who thought they'd have more time to find his replacement, according to people familiar with the matter. As the board convened in Hong Kong this week to discuss potential successors, it remains an open contest for the job, they said, asking not to be identified discussing non-public information. Senior independent director Ann Godbehere — the director in charge of choosing Tucker's successor — has yet to produce a final shortlist of names for the role, though high-profile finance figures like Goldman Sachs Group Inc.'s Richard Gnodde and Kevin Sneader are under consideration, the people said. 'Tucker's expedited departure could mean an overly compressed timetable for what is a critical appointment,' said John Cronin, a financials industry research analyst at SeaPoint Insights. 'Tucker's shoes will be difficult to fill.' Among the qualities needed for any candidate will be an in-depth knowledge of Asia, where HSBC is doubling down as part of Chief Executive Officer Georges Elhedery's broader plans for the company. In addition to deep experience of the banking industry, the board is also hoping to find someone with a background in wealth management as HSBC looks to become the world's largest player in that space outside of the US in the coming years. The role will also require someone with diplomatic skills as HSBC is forced to navigate the increasingly unpredictable relationship between the US and China. Process Underway Godbehere's committee has had recruiters from the London-based executive search firm MWM Consulting working for months to help find Tucker's replacement, the people familiar with the matter said. While Tucker had previously tipped he would be gone before the end of the year, the news that he would depart on Sept. 30 to return to the Hong Kong-based insurer accelerated the succession planning, the people familiar with matter said. 'The process to appoint a new chairman is underway,' HSBC said in a statement. 'We will provide an update in due course.' Tucker spent years establishing himself as the unquestioned power inside HSBC. He ultimately appointed four different CEOs during his tenure and was credited for helping to defuse a yearlong row between the bank and investor Ping An Insurance (Group) Co. after the Chinese insurer launched a campaign to force a break up of the bank. Whoever takes up Tucker's mantle will take on the chairmanship at a time of dramatic change at HSBC, which has spent the best part of the last year enmeshed in a broad restructuring as Elhedery has slashed jobs, merged divisions, and reshaped the bank's top executive committee. With the company short on time, attention has turned to those already on HSBC's board who could be parachuted into the role immediately. HSBC has a habit of turning temporary office holders into permanent replacements and the board's 76-year-old interim chair Brendan Nelson is one option the board is considering for the gig, the people familiar with the matter said. Directors are also weighing the merits of Gnodde, a vice chairman of Goldman who previously headed their international business, and Sneader, the former global managing partner of McKinsey & Co. who now leads Goldman's Asia Pacific business outside of Japan. Sky News first reported Sneader was a potential candidate for the role. Sneader's experience in Asian markets and being based in Hong Kong are a plus, though the circumstances of his departure from McKinsey — he was voted out of the consulting giant amid an uproar over its role in fueling the opioid crisis in America — could also make his candidacy a challenge. Gnodde also has experience in Asia, having run Goldman's business in the region in the late 1990s and early 2000s. He ultimately played a leading role in expanding the bank's footprint in the region and securing access to China's securities markets. Former Citigroup Inc. executive James Forese, who has sat on the bank's board for the past five years, is another possible contender. But his time on the board means he would hit the nine-year term limit that the UK enforces on board directors before the end of the decade. Other possible contenders are former HSBC executives. Foremost among them is Stuart Gulliver, who stepped down shortly after Tucker took over as chairman back in late 2017. Clive Bannister, a former HSBC banker who went on to become CEO of Phoenix Group Plc, is another prospective option. Representatives for MWM Consulting as well as Gnodde, Sneader, Bannister, Gulliver, Forese and Nelson either declined or did not respond to requests for comment. HSBC has a history of hurried successions, the most dramatic of which was Tucker's ouster of CEO John Flint in 2019. The bank then came close to appointing Jean-Pierre Mustier, UniCredit SpA's CEO at the time, only to rescind the offer at the last minute. --With assistance from Sridhar Natarajan, Denise Wee and Katherine Griffiths. More stories like this are available on
Metro
30 minutes ago
- Business
- Metro
Credit card customers can save up to £1,679 with a simple debt ‘spring clean'
If you're one of the millions of Brits who have a credit card, you could be pouring hundreds – if not thousands – of pounds, down the drain. But a quick balance transfer could help you clear your debt faster and save money in the process. New research from TotallyMoney revealed that half (48.8%) of credit card customers are currently paying interest on their balances every month. And by making use of a balance transfer deal, the finance company claims they could save up to a whopping £1,679 each. A balance transfer means moving some or all of your credit card debt from one to a new provider offering 0% interest for a set time, currently up to 33 months. While there's usually a small transfer fee of around 3% or 4%, the interest savings can far outweigh this, adding up to a huge amount as the months go by. 'They're an effective way to cut costs, and you could start saving money before the start of summer,' Alastair Douglas, TotallyMoney CEO, says. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video According to TotallyMoney, the top balance transfer deals available right now are from Tesco Bank, HSBC and Barclaycard, each of which are offering 33 months interest free. A person with an average interest-bearing balance could avoid paying £1,679 by switching to the HSBC 33-month card. It has one of the lowest fees on the market at 3.19% too. The average saving with Tesco Bank is £1,675, but Alastair also notes that it comes with 0% interest on further money transfers for nine months, 'which you could use to clear expensive overdraft debt.' Barclaycard's 33-month deal comes with a slightly higher fee of 3.45%, meaning a typical customer could save £1,671. But, for those who want to skip fees entirely, the bank has a 14-month fee-free balance transfer card too, allowing successful applicants to save an estimated £753. Other providers, including Vanquis and Fluid, are next on the list with their balance transfer offers – 18 and nine months, respectively – which could help you cut your interest bill by £881 and £394. Bear in mind though, you'll need a good or excellent credit score to be accepted with these lenders – and making multiple applications can harm your credit – so it's best to check eligibility before submitting. More Trending Plus, although a balance transfer can be beneficial, it only saves you cash if you pay off as much of your debt as possible during the interest-free period. Personal finance expert at CredAbility, Aaron Peake, advises: 'If you're regularly carrying a balance month to month, switching cards might offer breathing room, but it's also worth using this time to build habits that help you avoid falling back into the same pattern. 'It's easy to focus on the interest-free period as a way to delay, but to make the most of it, you should treat it like a repayment deadline. Set yourself a realistic repayment plan and automate it if you can. Divide your balance by the number of months you've got interest-free and aim to clear it within that time.' Do you have a story to share? Get in touch by emailing MetroLifestyleTeam@ View More » MORE: 'Everyone asks what fragrance I'm wearing – it's this little-known niche perfume' MORE: Millions could be paying off debt well into retirement amid 'pension postcode lottery' MORE: Martin Lewis warns everyone with a mobile phone contract to check now for 'dodgy trick' Your free newsletter guide to the best London has on offer, from drinks deals to restaurant reviews.
Bloomberg
an hour ago
- Business
- Bloomberg
HSBC Hastens Search to Find Next Chairman as Tucker's Exit Nears
With the clock ticking in the hunt for HSBC Holdings Plc 's next chairman, Europe's largest bank is speeding its efforts to assemble a list of candidates for the role. Chairman Mark Tucker's announcement last week that he would leave HSBC in September to take on a non-executive chairman role at AIA Group Ltd. came as a surprise to some of his fellow board members, who thought they'd have more time to find his replacement, according to people familiar with the matter.
Yahoo
3 hours ago
- Business
- Yahoo
5 top FTSE 100 stocks offering plenty of global growth for an ISA
The FTSE 100 is made up of the largest companies listed in London. But this doesn't mean that most stocks are UK-focused, far from it. In fact, it's quite straightforward to build a Stocks and Shares ISA portfolio of FTSE 100 shares that offer truly global exposure. Here are five that would certainly do the job. Let's start with the largest stock by market cap in the Footsie today: AstraZeneca (LSE: AZN). This healthcare giant has truly global operations, spanning the areas of oncology, respiratory and immunology, rare diseases, and more. This year, the firm is expected to rake in $57.5bn in revenue, with a net profit of about $14bn. And it generates this from nearly everywhere, including China and Japan. Region % of total revenue (2024) US 40% Europe 16% China 12% UK 9% Japan 6% Rest of world 17% As we can see, investors in AstraZeneca are getting diversified exposure to the whole of the developed world. The reason the US is such a sizeable part is because it has the largest healthcare system of them all. The stock has fallen 17.5% since the end of August, putting it on a forward price-to-earnings (P/E) ratio of 15.5. For a profitable firm of this calibre, which also offers a 2.3% dividend yield, I think that's very attractive. Turning to another FTSE 100 giant now, we have HSBC (LSE: HSBA). The bank is increasingly focused on Asia these days, as that's where most of the world's growth is expected to come from in future. Indeed, according to the Asian Development Bank, Asia's middle class is set to swell to roughly 3bn people by 2050. With HSBC increasingly focused on wealth management in the region, the long-term growth story looks very promising. This year, the bank is expected to earn around $23bn on revenue of almost $67bn. The stock is offering an attractive 5.8% dividend yield. The third stock is Airtel Africa. As the name implies, the firm's operations extend across Africa. Specifically, Airtel is a provider of telecommunications and mobile money services to 166m people in 14 countries in sub-Saharan Africa. The share price has been on a tear, surging 55% this year alone. However, it still looks decent value to me, trading at 12.5 times next year's forecast earnings. There's also a well-supported 2.8% dividend yield. Finally, for even more global portfolio exposure, investors could consider Coca Cola HBC and Coca-Cola Europacific Partners. These are both bottling partners for the US beverage giant, selling brands like Coca-Cola, Fanta, Sprite, and Monster. The former's markets include Western Europe and the Asia-Pacific region, including Australia, New Zealand, and the Philippines. The other's portfolio is more weighted toward emerging and developing markets, including Poland, Romania, Nigeria, and Egypt. Naturally, none of these five stocks are totally risk-free. The Coca-Cola bottlers could suffer during a severe global economic downturn, as this would put pressure on consumer spending. Meanwhile, HSBC and AstraZeneca may fall foul of regulatory changes in China, especially if trade tensions with the US worsen at some point. Finally, most of Airtel Africa's revenue is collected in local African currencies, but it's reported in US dollars, exposing the company to currency risk. Nevertheless, adding these stocks to an ISA would make it truly global, with vast exposure to Europe, America, Africa, and Asia. The post 5 top FTSE 100 stocks offering plenty of global growth for an ISA appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool HSBC Holdings is an advertising partner of Motley Fool Money. Ben McPoland has positions in AstraZeneca Plc, Coca-Cola Hbc Ag, and HSBC Holdings. The Motley Fool UK has recommended Airtel Africa Plc, AstraZeneca Plc, and HSBC Holdings. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Independent
3 hours ago
- Business
- The Independent
The City's U-turn on WFH tells you everything you need to know about bad bosses
Barclays has taken overflow office space in Shoreditch. HSBC, having decided to relocate from Canary Wharf to new headquarters near St Paul's, is looking for extra room, including moving some workers back to Canary Wharf (and has told staff that their bonuses could be cut unless they're back in the office). JPMorgan and BBVA are finding accommodating everyone a tight squeeze. And BlackRock is also struggling to fit in all its staff. Some City firms are using a booking system, which sees those who wish to come to the office having to reserve a slot, such is the demand for desks. After three years, Citigroup has shut its Malaga outpost, billed as providing a better work-life balance for the bank's analysts, and steered its staff to London. What distinguishes all these financial corporations and others is that they claim to only recruit the brightest and the best. They make fortunes from advising the rest of us, along with businesses and governments, how to manage our affairs. On deals, they take command, devise strategy, issue orders and tell those involved how to behave. Yet when it comes to their own internal management, they are all over the place. We've seen it before, of course – the sector is littered with numerous instances of banks and investment houses being penalised huge sums for their poor conduct or for showing a lax attitude to other people's money. Frequently, they've set out on one course only to change direction, usually at a substantial cost in both money and people. Their approach to working from home (WFH) and remote working shows a herd instinct – something of which they are often guilty. If their customers did the same, these companies would be the first to complain and criticise. This is the most stark example of the confusion that rages around hybrid working, certainly in Britain. A recent study by King's College London found that Britain is the remote-working capital of Europe, with UK employees WFH 1.8 days a week on average – a number that is well above the global average of 1.3 days, and the highest in Europe. Globally, only Canadians average more days a week at home, WFH for 1.9 days. Dr Cevat Giray Aksoy, associate professor of economics at King's and lead economist at the European Bank of Reconstruction and Development, says: 'Remote work has moved from being an emergency response to becoming a defining feature of the UK labour market.' Dr Aksoy, who also advises the House of Lords on policy regarding the implications of remote working for productivity and labour markets, adds: 'This shift is forcing businesses, policymakers and city planners to reimagine everything from office space to transport to regional growth.' But is it? While his study may point to Britain being out in front or lagging, depending on how the figures are viewed, growing apocryphal evidence indicates something different. The City, for one, is signalling 'enough'. Stockbroker Panmure Liberum, reports the Financial Times, has joined Deutsche Bank in barring staff from working at home on consecutive Mondays and Fridays. UBS has told its folk they must be in on either Mondays or Fridays or both, as one of their three mandated days in the office. Broker Peel Hunt insists on four days a week in the office, while traders at Man Group are up to five. Santander views five days as the default option. Goldman Sachs regards WFH as an 'aberration'. JPMorgan chief Jamie Dimon, probably the most influential banker on the planet, argues that remote working allows 'bad habits to develop'. Where the City leads, like it or not, the rest of the country, business and organisation-wise, tends to follow. Brightmine, which studies HR practices, claims that 15.1 per cent of UK companies have reduced their WFH hours. Slowly but surely, the TWaTs – those who go in on Tuesdays, Wednesdays and Thursdays – have begun to retreat. What began as a temporary solution to Covid and morphed into a trend, then a stampede, is coming to an end. Commuter numbers are edging towards their pre-pandemic levels. There will be those who resist, and there are bound to be lingering pockets of refuseniks, but by and large, Britain will fall into line. Maybe not reaching all five days, but the number WFH will be lower than it is currently, and will no longer be an outlier. It was predictable, and the banks for one should have seen what was likely to happen. After all, that is what they do, paying huge sums to smart graduates and deploying state-of-the-art technology to forecast the future. Seemingly no amount of qualifications from Stanford and MIT, no brilliant algorithms or AI, no 'thought leadership' gleaned in sessions at Davos or elsewhere, prepared them. This, too, in spite of the refusal of the mighty Goldman and JPMorgan's Dimon to play ball. If they had only stopped to think, it would have been obvious. Those super-smart hires are also intensely ambitious. How you get ahead, anywhere, is by standing out, making the boss sit up and notice. It's by showing that creative spark, which often results from being in the right spot at the right time. Convenient as they may be, the stultifying environments of Zoom or Teams, or even the sunny delights of Malaga and the Costa del Sol, are not that place. Ours – again, like it or not – is a globally connected world where commerce and trade are concerned. Nowhere more so than in banking. Why should workers in London, or the UK, operate to a different standard from everyone else? It does not make sense. At present, many employers are on the cusp; they are playing a balancing game. They are keen to not dissuade, and some Gen-Z and millennial employees expect to have the option to work from home. For now. But as they see those who spend more time in the office forging closer relationships with the chiefs, and winning promotions and higher salaries, it is surely a matter of when, not if, that changes.
