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6 days ago
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Exclusive-HSBC plans major global expansion of office, staff surveillance, documents show
By Stefania Spezzati and Iain Withers LONDON (Reuters) -HSBC plans to step up surveillance of staff and buildings by adding more cameras and biometric access to its premises globally, internal documents seen by Reuters show, a move that comes amid growing concerns about companies' extensive monitoring of workers. As part of its "global security strategy", the bank plans a four-fold increase in the number of cameras at its new building in the City of London, a site about half the size of its existing office in Canary Wharf, an internal presentation by the bank's protective security team dated May 2025, seen by Reuters, shows. According to the presentation, the new London building is expected to have an estimated 1,754 cameras, up from about 444 devices installed in its current global headquarters in Canary Wharf in London. It also plans to double its biometric readers to access the new building to 779 from 350. Under the plan, reported here for the first time, access to HSBC's top-tier buildings, including in Britain and the U.S., should be based on biometric verification, including full-hand recognition. Access can also be "digital", with employees expected to use their own mobile phones to badge in, the presentation document shows. HSBC, Europe's biggest bank by assets, employs more than 210,000 people globally, including more than 31,000 across the UK. Most employees are expected to use personal mobile phones with a firm-installed software on them to gain access. This has met with some resistance from staff, a person with knowledge of the policies said. As of the end of last year, most of the UK staff had yet to adhere to the biometric and digital access policy which the bank started to implement in 2022, in part because of opposition, according to the person. "The safety and security of our people is at the forefront of everything HSBC does," an HSBC representative told Reuters. "We regularly risk assess every building and dependant on the identified risk and vulnerabilities, we continue to invest in the latest cutting-edge technology to safeguard our colleagues, customers and visitors in line with industry standards," the bank added. Companies have increased surveillance of staff amid a shift to hybrid working, while advances in technology allow for more sophisticated controls. Banks in particular have stepped up monitoring to ensure the parts of their businesses that are heavily regulated comply with conduct rules. National privacy laws determine what companies can monitor. The extensive surveillance enabled by new technologies is raising concerns about risks to workers' rights and wellbeing, according to a May report by the Institute for Public Policy Research, a London-based think tank. In July, HSBC requested that senior staff globally report to the office at least four days a week, starting from October, a bank spokesperson said. Previously, the bank had no global policy on the matter, with approaches varying depending on the country, they said. As demands for office space grow again, the bank has decided to add to its planned City of London HQ, with a new smaller presence in Canary Wharf, Reuters reported. The documents seen by Reuters do not include references to the new Canary Wharf office space. The bank's security project is overseen by Diane Marchena, global head of protective security, who reports to Chief Operating Officer Suzy White, the person with knowledge of the matter said. Marchena and White declined to comment for this article. ISRAELI SURVEILLANCE TOOLS HSBC has been working with Israeli firm Octopus since at least 2024, adopting some of its tools for surveillance in the UK and Hong Kong and is planning more rollouts for monitoring, other documents outlining HSBC's global strategy seen by Reuters show. HSBC plans the deployment of Octopus tools in other countries such as India and Mexico this year, the documents, which are undated, show. Israel is one of the world's leading exporters of surveillance. Octopus says it sells its tools to buyers in 28 countries. Its technology has been reportedly used by entities, including the Israeli government to monitor some Israeli cities and a European Union-funded refugee camp on the Greek island of Samos. A representative for Octopus did not take Reuters calls seeking comment and the company did not respond to a Reuters email seeking comment. An HSBC spokesperson said the bank does not comment on vendors or suppliers. TRADING FLOORS In HSBC's new London building, the increased video surveillance will include cameras at entry and exit points of trading floors, the May 2025 presentation shows, and the use of artificial intelligence analytics. HSBC's budget for the initial rollout of the new London building surveillance was recently tripled to about $15 million, the person familiar with the matter said. According to the presentation, "theft incidents" in its Canary Wharf building "point to the need for increased CCTV capabilities on working floors," and that recent "crime data" showed an increase of incidents, including burglary, within a one-mile radius of the new office. The person familiar with the matter said that theft events on HSBC premises were mostly minor. Sign in to access your portfolio
Yahoo
13-08-2025
- Business
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Europeans pile into local ETFs at record rate, at expense of US stocks
By Iain Withers LONDON (Reuters) -European investors have put more money into local stock index-trackers so far in 2025 than in any full-year on record, with demand for defence funds booming, data shows, as President Donald Trump's erratic trade policy hits their appetite for U.S. shares. Investors had ploughed a net 39.4 billion euros ($46.2 billion) into European-focused Exchange Traded Funds (ETFs) domiciled in the region by the end of July - topping every full-year tally since 2008 when Morningstar first collected the data. The net inflows in 2025 are up more than three-fold on last year's total, helping power the region's ETF market to 2.4 trillion euros in assets, according to Morningstar. In contrast, U.S.-focused ETFs have attracted 12.5 billion euros of net new money this year, down 40% on the same period in 2024 and the lowest tally for the period in three years. The trend towards picking local stocks has been visible across the biggest investment houses. U.S. investment giant BlackRock, the largest ETF provider, France's Amundi, Deutsche Bank's DWS and Switzerland's UBS have all seen strong local inflows, the Morningstar data shows. While U.S. stocks have rebounded to record highs after an initial sell-off following Trump's 'Liberation Day' trade tariffs on April 2, net inflows into European-focused ETFs have topped U.S.-focused funds every month this year except in January, according to the data. Global equity funds have also gained ground this year, with net inflows into European-domiciled products up 40% to 47.3 billion euros, while UK-focused ETFs have continued to struggle, suffering 1.2 billion euros of net outflows after a small inflow last year. Investors in the region have also backed defence-themed ETFs in huge numbers, as European countries race to rebuild their militaries. Europe-based security ETFs have pulled in 7.6 billion euros of net inflows so far this year, Morningstar said, more than three times the next biggest ETF category, artificial intelligence. Monika Calay, an analyst at Morningstar, said that unpredictable trade policy under President Trump had cooled European investors' appetite for U.S. funds, but added that they remained a big part of most portfolios. ($1 = 0.8535 euros) 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
Yahoo
13-08-2025
- Business
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Europeans pile into local ETFs at record rate, at expense of US stocks
By Iain Withers LONDON (Reuters) -European investors have put more money into local stock index-trackers so far in 2025 than in any full-year on record, with demand for defence funds booming, data shows, as President Donald Trump's erratic trade policy hits their appetite for U.S. shares. Investors had ploughed a net 39.4 billion euros ($46.2 billion) into European-focused Exchange Traded Funds (ETFs) domiciled in the region by the end of July - topping every full-year tally since 2008 when Morningstar first collected the data. Invest in Gold Thor Metals Group: Best Overall Gold IRA American Hartford Gold: #1 Precious Metals Dealer in the Nation Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase The net inflows in 2025 are up more than three-fold on last year's total, helping power the region's ETF market to 2.4 trillion euros in assets, according to Morningstar. In contrast, U.S.-focused ETFs have attracted 12.5 billion euros of net new money this year, down 40% on the same period in 2024 and the lowest tally for the period in three years. The trend towards picking local stocks has been visible across the biggest investment houses. U.S. investment giant BlackRock, the largest ETF provider, France's Amundi, Deutsche Bank's DWS and Switzerland's UBS have all seen strong local inflows, the Morningstar data shows. While U.S. stocks have rebounded to record highs after an initial sell-off following Trump's 'Liberation Day' trade tariffs on April 2, net inflows into European-focused ETFs have topped U.S.-focused funds every month this year except in January, according to the data. Global equity funds have also gained ground this year, with net inflows into European-domiciled products up 40% to 47.3 billion euros, while UK-focused ETFs have continued to struggle, suffering 1.2 billion euros of net outflows after a small inflow last year. Investors in the region have also backed defence-themed ETFs in huge numbers, as European countries race to rebuild their militaries. Europe-based security ETFs have pulled in 7.6 billion euros of net inflows so far this year, Morningstar said, more than three times the next biggest ETF category, artificial intelligence. Monika Calay, an analyst at Morningstar, said that unpredictable trade policy under President Trump had cooled European investors' appetite for U.S. funds, but added that they remained a big part of most portfolios. ($1 = 0.8535 euros) 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
Yahoo
17-07-2025
- Business
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European real estate stuck in 'zombieland' as recovery proves elusive
By Iain Withers, Tom Sims and John O'Donnell LONDON/FRANKFURT (Reuters) -Europe's commercial real estate market is defying expectations of a recovery as investor caution pins property sales to near-decade lows. Some investors and banks, recognising that the outlook remains weak, are even beginning to step in to offload or restructure distressed assets, one executive said, though they added that an "extend and pretend" approach to bad debts is still commonplace. It is a marked change in mood from the beginning of 2025 when there were hopes for an end to a three-year pandemic-induced downturn, but unpredictable U.S. trade policy, the promise of stronger returns in other private markets and a refusal by sellers to recognise lower prices have hit activity. Year-on-year commercial property sales in Europe were flat in the first quarter of 2025 at 47.8 billion euros ($55.6 billion), less than half the level of three years earlier, according to the latest revised MSCI data. Early indicators suggest a poor second quarter - cross-border investment into property in Europe, the Middle East and Africa fell about a fifth from a year earlier to 17.2 billion euros, the worst April-June period in a decade, property agency Knight Frank said, citing preliminary MSCI data. Sluggish sales have affected most sectors including hard-hit offices and even data centres, a previous bright spot, although the under-supplied rental housing market continues to attract interest. "We have 'zombieland' ... no recovery, stranded assets, no liquidity coming back," said Sebastiano Ferrante, head of European real estate at U.S. fund giant PGIM. While logistics and hotels also presented buying opportunities, out-of-town offices and old shopping malls are among assets struggling to find buyers, Ferrante added. Canada's Brookfield asked bondholders to approve the restructuring of a loan secured against its London CityPoint office tower in April, according to a regulatory filing, after shelving a sale when bids fell short of its expectations. In Germany, one of the country's most prominent property casualties - the Trianon skyscraper in Frankfurt - has been put up for sale by its administrator, Reuters reported last week, in a rare test of the fragile German market. There is also fierce competition for funds from other private markets such as credit. Private credit funds in Europe raised $39.9 billion in the first half of 2025, nearly double the $20.6 billion for real estate funds, according to Preqin data. However, both were on track to top their 2024 totals, with property already ahead of last year's poor tally. Survey data nonetheless points to ongoing caution. Investor sentiment towards European real estate fell to its lowest in over a year in June, according to trade body INREV, mirroring the U.S. market, where sentiment has also soured this year. "In some parts of the market the recovery is well under way... However there are out of favour assets and sectors where there is almost no liquidity and more pain to come," said Cecile Retaureau, head of private markets at the investment arm of insurer Phoenix. Germany, Europe's largest economy, has been particularly hard hit by the property slump, with sales down another 2% in the first half of this year, according to data from CBRE. "Transaction volumes will not jump. It will not kickstart in a very dynamic way," said Konstantin Kortmann, CEO of property agency JLL in Germany, who expects a gradual recovery. While still-high interest rates mean property investors have to be selective to make money, the prospect of international cash shifting to Europe from the volatile U.S. market could help, the property executives said. At least two of PGIM's German clients have cancelled planned property investments in the United States, reprioritising Europe and Asia, Ferrante said. ($1 = 0.8602 euros) Sign in to access your portfolio
Yahoo
17-06-2025
- Business
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Spanish bank BBVA tells wealthy clients to invest in bitcoin
By Iain Withers LONDON (Reuters) -Spanish lender BBVA is advising wealthy clients to invest up to 7% of their portfolio into cryptocurrencies, an executive said on Tuesday, in the latest sign some banks are warming to a sector long avoided by mainstream finance because of its risks. BBVA's private bank advises clients to invest 3% to 7% of their portfolio in cryptocurrencies depending on their risk appetite, Philippe Meyer, head of digital & blockchain solutions at BBVA Switzerland, told the DigiAssets conference in London. "With private customers, since September last year, we started advising on bitcoin," Meyer said. "The riskier profile, we allow up to 7% of (portfolios in) crypto." Cryptocurrency prices have surged in recent years, with bitcoin hitting another record high in May. That follows a recovery from lows hit in 2022 when a series of top exchanges, including FTX, collapsed, leaving millions of investors out of pocket. Their rebound has been helped by U.S. President Donald Trump's pro-crypto stance. While many private banks execute client requests to buy cryptocurrencies, it is relatively unusual for them to advise them to actively buy them. Regulators continue to warn about the risks of cryptocurrencies, saying investors should expect to lose all their money. The European Securities and Markets Authority said earlier this year that 95% of EU banks do not engage in crypto activities. Speaking to Reuters on the sidelines of the event, Meyer told Reuters he believed BBVA was one of the first large global banks to advise its wealthy clients to buy cryptocurrencies. It had been executing on client requests to buy them since 2021, he said. The 3-7% advice currently applies to bitcoin and ether, but BBVA plans to expand the advice to other cryptocurrencies later this year, he said. Meyer said that clients had been receptive so far to the advice, and dismissed concerns the asset was too risky. "If you look at a balanced portfolio, if you introduce 3% you already boost the performance," Meyer said. "At 3% you are not taking a huge risk."
