Latest news with #NoelQuinn
Yahoo
4 days ago
- Business
- Yahoo
HSBC makes U-turn on Canary Wharf exit after desks shortage
HSBC has rowed back on plans to quit Canary Wharf as a shortage of desks prompted the banking giant to sign up for a new lease in the ailing property district. The lender announced a 15-year deal for 210,000 sq ft in Canary Wharf on Friday, just weeks after chief executive Georges Elhedery ordered all managing directors to be in the office for at least four days a week from October. It marks an unexpected boost for Canary Wharf, as HSBC had previously confirmed plans to leave in favour of a new office in the City. The new office space will be located at 40 Bank Street in Canary Wharf, a short walk from its current headquarters in 8 Canada Square, a 45-floor skyscraper. Former HSBC chief Noel Quinn had previously said the bank was moving to reduce its office footprint and drive down costs. However, his successor's return to office mandate has led to a change in tack owing to a lack of desk space in its new City headquarters. The bank's new base near St Paul's Cathedral is about half the size of its Canary Wharf HQ, which it is set to leave in early 2027. HSBC has been based in Canary Wharf since 2002, where it boasts around 8,000 staff. Suzy White, chief operating officer of HSBC, said: 'Continuing to operate from multiple sites in London, as we always have, ensures we are easily accessible for our clients across the capital.' The new agreement marks a boost for the privately owned Canary Wharf Group, which has been battling to retain companies in the wake of the pandemic. Canary Wharf has suffered a string of high-profile exits in recent years, including ratings agency Moody's and the magic circle law firm Clifford Chance. However, this trend might finally be easing amid a shortage of high-quality office space in the Square Mile. Visa, the payments company, is considering moving its European headquarters to the area, while BBVA, the Spanish bank, has also recently signed a lease to take 250,000 sq ft in Canary Wharf. In a bid to turn around its fortunes and boost footfall in the evening, Canary Wharf Group has expanded the area's retail, leisure and hospitality offering. The group, which is co-owned by the Qatar Investment Authority and Canadian private equity firm Brookfield, has also increased the number of residential units and hotels in the area. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
4 days ago
- Business
- Telegraph
HSBC makes U-turn on Canary Wharf exit after desks shortage
HSBC has rowed back on plans to quit Canary Wharf as a shortage of desks prompted the banking giant to sign up for a new lease in the ailing property district. The lender announced a 15-year deal for 210,000 sq ft in Canary Wharf on Friday, just weeks after chief executive Georges Elhedery ordered all managing directors to be in the office for at least four days a week from October. It marks an unexpected boost for Canary Wharf, as HSBC had previously confirmed plans to leave in favour of a new office in the City. The new office space will be located at 40 Bank Street in Canary Wharf, a short walk from its current headquarters in 8 Canada Square, a 45-floor skyscraper. Former HSBC chief Noel Quinn had previously said the bank was moving to reduce its office footprint and drive down costs. However, his successor's return to office mandate has led to a change in tack owing to a lack of desk space in its new City headquarters. The bank's new base near St Paul's Cathedral is about half the size of its Canary Wharf HQ, which it is set to leave in early 2027. HSBC has been based in Canary Wharf since 2002, where it boasts around 8,000 staff. Suzy White, chief operating officer of HSBC, said: 'Continuing to operate from multiple sites in London, as we always have, ensures we are easily accessible for our clients across the capital.' The new agreement marks a boost for the privately owned Canary Wharf Group, which has been battling to retain companies in the wake of the pandemic. Canary Wharf has suffered a string of high-profile exits in recent years, including ratings agency Moody's and the magic circle law firm Clifford Chance. However, this trend might finally be easing amid a shortage of high-quality office space in the Square Mile. Visa, the payments company, is considering moving its European headquarters to the area, while BBVA, the Spanish bank, has also recently signed a lease to take 250,000 sq ft in Canary Wharf. In a bid to turn around its fortunes and boost footfall in the evening, Canary Wharf Group has expanded the area's retail, leisure and hospitality offering. The group, which is co-owned by the Qatar Investment Authority and Canadian private equity firm Brookfield, has also increased the number of residential units and hotels in the area.
The Guardian
11-07-2025
- Business
- The Guardian
HSBC becomes first UK bank to quit industry's net zero alliance
HSBC has become the first UK bank to leave the global banking industry's net zero target-setting group, as campaigners warned it was a 'troubling' sign over the lender's commitment to tackling the climate crisis. The move risks triggering further departures from the Net Zero Banking Alliance (NZBA) by UK banks, in a fresh blow to international climate coordination efforts. HSBC's decision follows a wave of exits by big US banks in the run-up to Donald Trump's inauguration in January. His return to the White House has spurred a climate backlash as he pushes for higher production of oil and gas. HSBC was a founding member of the NZBA at its launch in 2021, with the bank's then chief executive, Noel Quinn, saying it was vital to 'establish a robust and transparent framework for monitoring progress' towards net zero carbon-emission targets. 'We want to set that standard for the banking industry. Industry-wide collaboration is essential in achieving that goal,' Quinn said. Convened by the UN environment programme's finance initiative but led by banks, the NZBA commits members to aligning their lending, investment and capital markets activities with net zero greenhouse-gas emissions by 2050 or earlier. Six of the largest banks in the US – JP Morgan, Citigroup, Bank of America, Morgan Stanley, Wells Fargo and Goldman Sachs – left the NZBA after Trump was elected. UK lenders including Barclays, Lloyds, NatWest, Standard Chartered and Nationwide were still listed as members as of Friday afternoon. In February HSBC announced it was delaying key parts of its climate goals by 20 years and watering down environmental targets in a new long-term bonus plan for its chief executive, Georges Elhedery, who took over last year. The climate campaign group ShareAction condemned the move, saying it was 'yet another troubling signal around the bank's commitment to addressing the climate crisis'. Jeanne Martin, ShareAction's co-director of corporate engagement, said: 'It sends a counterproductive message to governments and companies, despite the multiplying financial risks of global heating and the heatwaves, floods and extreme weather it will bring. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion 'Investors will be watching closely how this backsliding move will translate into its disclosures and policies.' HSBC said in a statement: 'We recognise the role the Net Zero Banking Alliance has played in developing guiding frameworks to help banks establish their initial target-setting approach. 'With this foundation in place, we have decided to withdraw from the NZBA as we work towards updating and implementing our own net zero transition plan. 'We remain resolutely focused on supporting our customers to finance their transition objectives and on making progress towards our net zero by 2050 ambition.'
The Guardian
11-07-2025
- Business
- The Guardian
HSBC becomes first UK bank to quit industry's net zero alliance
HSBC has become the first UK bank to leave the global banking industry's net zero target-setting group, as campaigners warned it was a 'troubling' sign over the lender's commitment to tackling the climate crisis. The move risks triggering further departures from the Net Zero Banking Alliance (NZBA) by UK banks, in a fresh blow to international climate coordination efforts. HSBC's decision follows a wave of exits by major US banks in the run-up to Donald Trump's inauguration in January. His return to the White House has spurred a climate backlash as he pushes for higher production of oil and gas. HSBC was a founding member of the NZBA at its launch in 2021, with the bank's then chief executive, Noel Quinn, saying it was vital to 'establish a robust and transparent framework for monitoring progress' towards net zero carbon-emission targets. 'We want to set that standard for the banking industry. Industry-wide collaboration is essential in achieving that goal,' Quinn said. Convened by the UN environment programme's finance initiative but led by banks, the NZBA commits members to aligning their lending, investment and capital markets activities with net zero greenhouse-gas emissions by 2050 or earlier. Six of the largest banks in the US – Citigroup, Bank of America, Morgan Stanley, Wells Fargo and Goldman Sachs – left the NZBA after Trump was elected. UK lenders including Barclays, Lloyds, NatWest, Standard Chartered and Nationwide were still listed as members as of Friday afternoon. HSBC's decision to leave the alliance comes just months after it announced it was delaying key parts of its climate goals by 20 years and watering down environmental targets in a new long-term bonus plan for its chief executive, Georges Elhedery, who took over last year. The climate campaign group ShareAction condemned the move, saying it was 'yet another troubling signal around the bank's commitment to addressing the climate crisis'. Jeanne Martin, ShareAction's co-director of corporate engagement, said: 'It sends a counterproductive message to governments and companies, despite the multiplying financial risks of global heating and the heatwaves, floods and extreme weather it will bring. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion 'Investors will be watching closely how this backsliding move will translate into its disclosures and policies.' HSBC said in a statement 'We recognise the role the Net Zero Banking Alliance has played in developing guiding frameworks to help banks establish their initial target-setting approach. 'With this foundation in place, we have decided to withdraw from the NZBA as we work towards updating and implementing our own net zero transition plan. 'We remain resolutely focused on supporting our customers to finance their transition objectives and on making progress towards our net zero by 2050 ambition.'
Extra.ie
09-07-2025
- Business
- Extra.ie
How illegal ‘dodgy boxes' are hitting the GAA hard
The GAA has called for stronger laws to tackle the use of illegal 'dodgy boxes', which the organisation said is hammering its earning power from streaming. Noel Quinn, the head of streaming service GAA+, said piracy is crippling the amount of money being taken in by the online platform. GAA+ bought out RTÉ's 50% share of the streaming service in February of this year, but Mr Quinn would not be drawn on how much it was sold for when questioned at an Oireachtas Committee yesterday evening. Noel Quinn. Pic: Ramsey Cardy/Sportsfile The committee heard there are upwards of 400,000 so-called 'dodgy boxes' in Ireland, which both GAA+ and LOITV, the League of Ireland's streaming service, said are severely hampering their ability to grow their games. 'Dodgy boxes' are devices which allow users to watch pay TV channels illegally. Sellers provide customers with codes or links to watch streamed premium content, including sports and movies. Typically, content is downloaded onto an Amazon Fire TV Stick, which can be plugged into a TV. Sellers offer a range of services at various prices, starting from €50 per year. Mr Quinn said there needs to be 'stronger legislation' to go after the people selling devices. The GAA has called for stronger laws to tackle the use of illegal 'dodgy boxes', which the organisation said is hammering its earning power from streaming. Pic: Ray McManus/Sportsfile He said: 'In recent times, what the GAA would have done would have been to monitor and actually send cease and desists to particular individuals who are carrying out illegal processes. Stronger legislation to go after people who are selling dodgy fire sticks and codes would be something that's very helpful.' Mr Quinn also said that those using dodgy boxes are hindering the expansion of social outreach projects, as well as services such as summer Cúl Camps. He added: 'Eighty-two per cent of every commercial euro earned is repurposed back into the grassroots. 'Any threat to commercial earning power is obviously taken very seriously. Piracy is the very evident answer to that question, dodgy boxes and infringement of our copyright, and anybody who is ripping off official copyright footage now is essentially dipping their hand into the GAA's pocket and reducing their ability to leap into capital infrastructure projects. Noel Quinn. Pic: Sam Barnes/Sportsfile 'The challenge is piracy, and… to continuously churn out quality programming and continue to invest in the best commentators, analysts and production companies in Ireland.' Both Mr Quinn and LOI TV's Mark Scanlon agreed that piracy remains the biggest problem affecting Irish streaming services. Mr Scanlon told the committee that many people don't realise they are essentially taking money out of the pockets of their clubs. He said a survey by a fan's podcast in 2023 found 54% of people were accessing LOI TV through illegal streaming. 'That means there's a lot of lost revenue for the service, and that doesn't allow us then to increase our production levels, and it doesn't allow us to give money back in to continue to increase what they do. It's a valuable service, and piracy is a huge issue for us, so it's certainly one that we'd love to see tackled even further. 'I know there's been some good work done in recent times, particularly around sellers, but the end users are still a major problem for us, and I think the impact of that is still most of the general public don't realise on small services like ourselves in LOI TV and in GAA+ the impact that that has.' The two also spoke of the potential effects of the introduction of the streaming levy currently being considered by the Government. While both organisations spoke of a potential exemption from any levy, they both acceded if that were not possible, they would prefer a tiered system, which would put a higher levy on international streaming giants and a lower charge for indigenous and smaller platforms like them. The clampdown on dodgy boxes started in 2023 following a rise in their use. While gardaí previously focused on the sale of the gadgets, under the Copyright Act 2000, it is illegal to watch or use a dodgy box, with fines of up to €127,000 or a maximum prison sentence of five years. The Federation Against Copyright Theft states that many piracy networks are linked to organised crime, with profits used to fund other illegal activities. Last year, father-of-four Ciarán Donovan was jailed for the possession of nearly €1million in criminal proceeds from his illegal streaming business. He ran King Kong Media, which charged for codes to access channels such as Sky and BT Sports. He was sentenced to three years and four months, with the final two years suspended for a 30-month period
