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Hsbc To Slash Jobs To Boost Profits

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http://www.bbc.co.uk/news/business-13357277

HSBC, Europe's biggest bank, wants to save up to $3.5bn (£2bn; 2.4bn euros) by cutting the scale of its wealth management and retail divisions.

The bank is also streamlining IT operations and the operational structure, though no figures were given for the number of job cuts.

HSBC disclosed the plans on Wednesday ahead of a meeting with key investors.

The bank's problems were revealed on Monday after a big rise in costs held back profits.

The proportion of revenue spent on operational costs was 61% in the first quarter, and HSBC said it wanted to reduce this to 48%-52% by 2013.

'Renewed focus'

HSBC said in a statement that it would now focus its wealth management business on 18 key economies, and limit retail banking to markets where it can achieve profitable scale.

Nice, retail banking just not profitable enough luckily it can move to "wealth" management.....

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Some in banking think in time the big banks will move towards a wholesale type model. The retail interaction will be through companies like these independent mortgage brokers, who offer a growing number of financial services. The customer won't even know where the wholesale funding for their credit is coming from.

Does HSBC want to be clearing cheques for people or convincing someone to put £500 pounds into a savings account? With their overheads it isn't worth their time.

Its like the thread awhile back on banks prefering to lend to BTL than to first time buyers. Its much easier and more profitable to deal with a say a Doctor who has a portfolio of 20 properties who has serious equity built up.. than 20 young families where there is a lot of risk and issues.

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Does HSBC want to be clearing cheques for people or convincing someone to put £500 pounds into a savings account? With their overheads it isn't worth their time.

They'll just do what they do in HK and Bolton recently. I.e. they have a branch which is just a small lobby filled with ATM machines which can accept payments.

Also the thing is western nations people are generally more aware that bank wealth management and savings type things are scams which give negative returns. Thus they need to find new suckers to buy their stuff. China is a tough nut to crack because anybody and everybody can be executed or sentenced to a death camp.

There was a story of a multimillionaire recently in the Chinese media, he hit an 8 year old girl in his car. He got out to check if she was alive which she was and stabbed her to death before getting back in his car and driving off. He was caught and was organ harvested a few weeks ago.

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Oldham has had several small branches shut.

The main branch in town is staffed by three floaters who direct you to use a machine.

The cashier is hidden in the corner and they harrass you to use the machines whilst you queue.

They may as well just have a tiny lobby and ditch the big building...

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There was a story of a multimillionaire recently in the Chinese media, he hit an 8 year old girl in his car. He got out to check if she was alive which she was and stabbed her to death before getting back in his car and driving off. He was caught and was organ harvested a few weeks ago.

He sounds a lovely guy. Did he deliberately try to run her over as well?

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He sounds a lovely guy. Did he deliberately try to run her over as well?

The article didn't say. But driving in China (inc HK) is attrocious,

See this videp

5 mobile phones, this is pretty normal in HK, in China you'll see laptops, TVs etc drink driving is illegal but cops take bribes.

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http://www.bbc.co.uk...siness-13357277

Nice, retail banking just not profitable enough luckily it can move to "wealth" management.....

Clearing banks that don't want to do banking but want to keep the associated privileges to gamble...

It's high time somebody revoked their licences and replaced them with people who are interested in the job.

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corrected

yeah,I've seen these guys strip people down in various ways.

....yeah...like this...

The City slickers making millions from your pensions and investments

Analysis for the Royal Society for the Encouragement of Arts by David Pitt-Watson found that the cost of some plans from High Street names such as HSBC, Legal & General and Scottish Widows amounted to more than £200,000 over 40 years for someone saving £200 a month.

And, according to our own analysis, someone who saves a total of £3,000 a year for 30 years into pensions or Isas would build a savings pot of £419,000 if the funds grew by 6 per cent a year and if there were no charges. But with a typical 1.68 per cent annual charge, that pot would be reduced to £269,341 - a loss of nearly £150,000.

Since last October, we have campaigned for an end to these hidden charges.

Instead of feathering your own nest, this money is lining the pockets of a long list of City workers - from salesmen to investment analysts - no matter how poorly they are running your money.

Here, we reveal the people getting rich from your money.

http://www.dailymail.co.uk/money/article-1301958/How-fund-managers-make-millions-pensions-investments.html

Edited by South Lorne

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As said before we should get the SAS to perform an search and destroy mission on all the tall buildings in Canary Wharf, Iranian embassy siege maggie thatcher style 'i.e. take no prisoners'

It would solve a lot of problems in a simple stroke.

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As said before we should get the SAS to perform an search and destroy mission on all the tall buildings in Canary Wharf, Iranian embassy siege maggie thatcher style 'i.e. take no prisoners'

It would solve a lot of problems in a simple stroke.

Is there such thing as an army issue "Hamlet" for after?

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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