Latest news with #JaiveerShekhawat
Time of India
4 days ago
- Business
- Time of India
HSBC Business Banking Closure: HSBC to close its US business banking unit to simplify operations, ETHRWorld
Advt Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETHRWorld App Get Realtime updates Save your favourite articles Scan to download App By Jaiveer Shekhawat and Saeed AzharHSBC is exiting its business banking portfolio in the United States, as it continued to simplify operations and shift its focus to Asia and Middle East markets."Following a strategic review of our business, we have decided to exit our Business Banking portfolio in the United States," it said in a statement."We are supporting impacted clients while they transition to a suitable alternative provider and will retain some clients in our Mid-Market and Global Network Banking business," it Wall Street Journal reported on Friday that HSBC's move would affect about 4,500 UK-headquartered lender has been reducing its global footprint in an attempt to boost profits and expand in Asia and Middle East bank said in January it would wind down M&A and some equities businesses in the Americas and Wall Street Journal said HSBC laid off 40 employees in the U.S. business banking division. HSBC declined to comment, In 2021, the bank said it was withdrawing from U.S. mass market retail banking by selling some parts of the money-losing business and winding down sold its Canadian business to Royal Bank of Canada in 2022 for C$13.5 billion. (Reporting by Jaiveer Singh Shekhawat in Bengaluru and Saeed Azhar in New York; Editing by Cynthia Osterman)
Yahoo
6 days ago
- Business
- Yahoo
HSBC to close its US business banking unit to simplify operations
By Jaiveer Shekhawat and Saeed Azhar (Reuters) -HSBC is exiting its business banking portfolio in the United States, as it continued to simplify operations and shift its focus to Asia and Middle East markets. "Following a strategic review of our business, we have decided to exit our Business Banking portfolio in the United States," it said in a statement. "We are supporting impacted clients while they transition to a suitable alternative provider and will retain some clients in our Mid-Market and Global Network Banking business," it added. The Wall Street Journal reported on Friday that HSBC's move would affect about 4,500 clients. The UK-headquartered lender has been reducing its global footprint in an attempt to boost profits and expand in Asia and Middle East markets. The bank said in January it would wind down M&A and some equities businesses in the Americas and Europe. The Wall Street Journal said HSBC laid off 40 employees in the U.S. business banking division. HSBC declined to comment, In 2021, the bank said it was withdrawing from U.S. mass market retail banking by selling some parts of the money-losing business and winding down others. It sold its Canadian business to Royal Bank of Canada in 2022 for C$13.5 billion. 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
24-04-2025
- Business
- Yahoo
Nasdaq beats Q1 profit estimates on market volatility, strong product demand
By Jaiveer Shekhawat (Reuters) -Nasdaq beat first-quarter profit expectations on Thursday as the exchange operator benefited from higher market volatility and strong demand for its fintech and solutions products, sending its shares up 1% before the bell. Total U.S. equity options volumes jumped to 935 million contracts in the quarter, compared to 773 million contracts in the same quarter last year. To diversify its revenue streams, the company has been expanding outside its market-sensitive core activities of trading and listing to products that help financial institutions navigate compliance requirements and safeguard against financial crimes. With markets remaining volatile in the first quarter amid economic uncertainty and the trade dispute between the United States and China, companies have been spending on products that help safeguard them from market volatility. Revenue from Nasdaq's financial technology business climbed 10% from a year ago to $432 million, while revenue at the company's solutions business rose nearly 9% to $947 million. "The current macro environment, recent policy shifts and ongoing talks about potential tariffs have created significant short-term volatility, and that uncertainty is at this point weighing on global GDP growth expectations," Nasdaq Chair and CEO Adena Friedman said in an analyst call. "Entering the second quarter, this is creating modest impact on the timing of corporate decision-making, although without a meaningful change in overall demand across all economic cycles," she said. Net revenue in the quarter came in at $1.24 billion, above analysts' expectation of $1.23 billion, according to data compiled by LSEG. Net profit attributable to the company on an adjusted basis was $456 million, or 79 cents per share, in the first quarter ended March 31, compared with $367 million, or 63 cents per share, a year earlier. Analysts on average had expected a profit of 77 cents. Sign in to access your portfolio
Yahoo
13-02-2025
- Business
- Yahoo
Robinhood beats profit estimates as post-election trading frenzy lifts volumes
By Jaiveer Shekhawat and Manya Saini (Reuters) -Robinhood beat expectations for fourth-quarter profit on Wednesday, driven by a surge in equity, option and crypto trading on its platform following Donald Trump's return to the White House, sending its shares up more than 14% after the bell. Robinhood's transaction-based revenue, or income generated from fees for facilitating trading in options, cryptocurrency and equities, jumped 236% in the quarter to $672 million from a year earlier. Nearly half of those gains came from a 700% rise in revenue from crypto trading activity as bitcoin continued its rapid march towards the $100,000 mark in the quarter on hopes of favorable policies under the new Trump administration. "It was no secret that Robinhood's Q4 earnings were going to be great, driven primarily by a huge uptick in crypto-related revenues," Ava Labs President John Wu said. After Donald Trump's election victory, both equity and cryptocurrency markets surged as investors bet on deregulation and pro-business policies to benefit American corporates and the burgeoning digital asset industry. The company posted an adjusted profit of 1.01 per share, compared with analysts' expectations of 44 cents, according to data compiled by LSEG. Robinhood's assets under custody climbed 88% in the quarter to $193 billion, while quarterly net interest revenue, the bulk of which comes from margin investing, jumped 25% to $296 million. "This was a big quarter for us, so we did over $1 billion in revenue for the first time in the history of the company, and that capped off what was a record-breaking year with over $3 billion in revenue for the whole year," Robinhood co-founder and CEO Vlad Tenev said on a post-earnings call with analysts. Sign in to access your portfolio
