hsbc
Lender HSBC is on the lookout for a new CEO after 62-year-old Noel Quinn unexpectedly announced his retirement on Tuesday. Leading the company since 2019, Quinn has guided the lender through a restructuring process, battling headwinds linked to the Covid-19 pandemic and a dispute over HSBC's Asia division. "After an intense five years, it is now the right time for me to get a better balance between my personal and business life," said Quinn in a statement. HSBC is considering both internal and external candidates to replace the current CEO, who will continue his duties until a successor is fou...
Euronews (English)
Four of the biggest Chinese banks sit on top of the list of the world’s 500 most valuable banking brands, leaving US and European lenders well behind, according to a new report from brand valuation consultancy Brand Finance. For the eighth consecutive year, the top spot on the world’s top 500 banking brands’ list has been awarded to the ICBC (Industrial and Commercial Bank of China). The lender increased its brand value by 3% to $71.8 billion (€65.77 billion), roughly the equivalent of the nominal GDP of Slovenia. What are shadow banks and why are they failing in China?Significance of brand va...
Euronews (English)
Pretax profit for the final three months of the year fell to $1 billion (€920 million) from more than $5 billion (€4.62 billion) the previous year, mainly due to two major expenses; $3 billion (€2.77 billion) to pay for an impairment charge relating to the investment in the Chinese Bank of Communications Co. and another $2 billion (€1.85 billion) relating to the sale of the lender's retail banking operations in France. This completely took the attention off the otherwise record pretax profits reported for the full year, reaching $30.3 billion (€28 billion) in 2023. The final figure, however, s...
Euronews (English)
Barclays has announced that it will no longer fund new oil and gas fields, in a “massive win” for the climate campaigners who have been urging it to stop for years. The British bank is the second biggest funder of fossil fuels in Europe, having been overtaken by French-based multinational BNP Paribas in 2022. In a new climate change statement on Friday, Barclays unveiled a range of restrictions for its oil major clients which include ExxonMobil, Shell, TotalEnergies and BP. “Has the last fossil bank standing just crumbled under climate protest?” UK activist group Fossil Free London (FFL) quest...
Euronews (English)
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