MONEY MASTER

HSBC Holdings Plc  reported a  first-quarter profit miss , as rising  credit costs and geopolitical risks  offset otherwise stable operating performance. Earnings Impacted by Rising Credit Charges HSBC posted: Pre-tax profit: US$9.4 billion  (vs  US$9.6 billion expected ) Expected credit losses: US$1.3 billion Key drivers of higher provisions included: US$400 million  tied to a  UK fraud-related exposure US$300 million  in additional allowances linked to  deteriorating economic outlook  from Middle East tensions This reflects growing pressure on banks from  credit risk and macro uncertainty . Geopolitical Risks Hit Growth Regions Although HSBC has no direct exposure to Iran, the  spillover effects of the conflict  are impacting: Middle East economies , a key growth region Global trade flows , where HSBC has significant exposure As one of the world’s largest trade-finance banks, HSBC is particularly sensitive to  ...

Global  banks  are  scaling  back  operations  in  the  Gulf  as  the  Iran  conflict  deepens,  with  Citibank  temporarily  closing  most  of  its  UAE  branches  and  evacuating  staff  from  key  financial  districts. Citi  Closes  UAE  Branches  Until  March 14 Citibank   will  shut  most  of  its  branches  and  financial  centres  across  the  United  Arab  Emirates  through  March 14  as  a  precautionary  measure. Mall  of  the  Emirates  branch  remains  open Reopening  planned  for  March 16 Citiphone  services  operating  at  limited  capacity Cheque  processing  expected  to  face  delays Earlier  this  we...

Quick Summary DBS, OCBC, UOB and  CIMB  among bidders HSBC Indonesia retail assets valued at  >US$200m Binding bids reportedly due  mid-March Move reflects Southeast Asia expansion push Major Banks Target HSBC’s Indonesia Exit Some of Asia’s largest lenders are preparing bids for  HSBC Holdings ’s retail assets in Indonesia, according to Bloomberg sources. Potential bidders include: DBS Group Holdings Oversea-Chinese Banking Corp  (OCBC) United Overseas Bank  (UOB) CIMB Group Holdings Sumitomo Mitsui Financial Group The assets could fetch  more than US$200 million (RM777m) . Key point: Indonesia’s banking sector is heating up as global lenders retreat and regional giants expand. Why HSBC Is Selling Under CEO  Georges Elhedery , HSBC has: Streamlined operations Cut management layers and jobs Reorganised into four core divisions Conducted targeted reviews in Australia, Indonesia and Egypt HSBC Indonesia: ~2,300 employees 28 branches Serves c...

Hong Kong’s banking sector is poised for a  meaningful wealth-management windfall in 2026 , with fee income expected to surge well above market expectations, according to Bloomberg Intelligence (BI). Banks such as  HSBC Holdings PLC  and  BOC Hong Kong Holdings Ltd  could see  wealth fees grow by more than 20% this year , driven by stronger fund sales, brokerage activity and bancassurance demand. What’s Driving the Fee Surge Bloomberg Intelligence highlights several tailwinds supporting wealth fee growth: Improving global risk sentiment , underpinned by optimism around artificial intelligence investments Favourable market conditions  across equities, fixed income and precious metals Expectations of further US rate cuts , keeping risk appetite firm These factors are encouraging clients to deploy capital more actively, lifting transactional and advisory income for banks. China Flows & IPO Activity Add Momentum Wealth demand is also being supported by...

  HSBC Holdings  has  bought back and cancelled more than 9.1 million shares  from  Merrill Lynch International , according to a filing with the Hong Kong Stock Exchange. The bank repurchased  4.87 million shares  across  UK trading venues —including the  London Stock Exchange, Aquis Exchange, and Cboe Europe —at an average price of  £9.89  per share. An additional  4.25 million shares  were bought on the  Hong Kong Stock Exchange  at an average price of  HK$101.82 each. HSBC’s stock rose  0.39% in Hong Kong  and  0.82% in London  following the buyback disclosure.

Bank Reverses Expansion Plans in China’s Digital Wealth Market HSBC is cutting nearly half of its workforce at Pinnacle, its China digital wealth business , with around  900 job reductions , sources told  Reuters . Pinnacle, launched in  2020 , was meant to drive HSBC’s digital insurance and fund sales in China. The  cost-saving move highlights the challenges HSBC faces in growing its China business amid a broader restructuring push . Cost Review & Workforce Reduction HSBC  reviewed Pinnacle’s staff compensation and supplier expenses last year , finding a sharp increase in costs outpacing revenue. More than 500 insurance agents  have already left since June 2024 as the bank scaled back operations. The  layoffs will affect 100 staff at Pinnacle’s fintech unit , while another  300 will be reassigned within HSBC China . HSBC’s China Strategy & Restructuring HSBC has  long positioned China as a key growth market , committing  $6 bill...

Key Highlights HSBC  and the  International Finance Corporation (IFC)  announced a $1 billion program to boost trade financing in emerging markets. The initiative will equally share the risk on a portfolio of trade-related assets held by banks in  20 countries across Africa, Asia, Latin America, and the Middle East. Objective and Scope Addressing the Trade-Finance Gap : Aims to close the  $2.5 trillion global trade-finance gap , with a focus on  Asia-Pacific , where demand far outpaces supply. Supports  cross-border trade  and critical export industries to stabilize global supply chains amid geopolitical tensions and trade barriers. Global Reach : Backed by IFC’s  Global Trade Liquidity Program , which has facilitated  $80 billion in trade volume over the last 20 years. Impact on Emerging Markets Boosting Supply Chains : Enables smoother trade flows in critical sectors, addressing supply-chain uncertainties. Encourages economic resilienc...

  HSBC Holdings plc is set to announce its first wave of job cuts within weeks, primarily targeting senior roles, as part of an ongoing restructuring led by Michael Roberts, head of the bank’s new global wholesale banking division. This revamp, unveiled by Group CEO Georges Elhedery, aims to streamline operations in response to investor concerns amid growing competition from fintechs and regional banks. Roberts emphasized that the cuts will be managed “quickly and thoughtfully” to minimize disruption, with several rounds expected over the coming weeks. The restructuring consolidates HSBC’s commercial and institutional banking under Roberts and introduces a new international wealth and premier banking segment overseen by Barry O’Byrne. The overhaul also includes geographical reorganization, splitting HSBC’s operations into an Eastern region (Asia-Pacific and the Middle East) and a Western region (UK, Europe, and the Americas). Hong Kong and the UK will remain as standalone u...

  HSBC Holdings has announced a significant restructuring, splitting its geographic operations into East and West divisions under the leadership of new CEO Georges Elhedery . The revamp also includes the appointment of Pam Kaur as the bank’s first female Chief Financial Officer (CFO) . The restructuring merges some of HSBC's commercial and investment banking operations and aims to streamline leadership, creating four business lines: UK, Hong Kong, corporate and institutional banking, and wealth banking . The Eastern Markets division will cover Asia Pacific and the Middle East , while the Western Markets division will encompass Continental Europe, the Americas, and the UK (excluding retail banking) . Elhedery said the overhaul would "unleash our full potential" and emphasized the need to bolster cooperation between divisions. By combining commercial and investment banking — except in Hong Kong and the UK — HSBC aims to boost cross-selling to its 1.2 million busine...

I have been in dilemma on whether to post my bad experience with the customer service from HSBC but in the end I decided to post my story here so that more people are aware of some of the bad services by certain banks , and this is not limited to HSBC. If I have bad experience with other credit card issuers in the future, I might post it here as well. I know that not all customer service are perfect, but at least what they should do is to provide the best customer service that can satisfy their customer. Being the HSBC credit card user for about four years, I feel that HSBC has been doing alright to retain and to satisfy their customer. Why? Because there was once that my dad has lost his wallet and we called to block the card, and immediately the CS offered to send a replacement card and he received his card within three days. However, my experience with the replacement card is totally contrast with what my dad has experienced. Ok, the following is what I have been experiencing and I...