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☆ The Big Bank With a $15 Billion Conundrum in China
▼ + stars: | 2023-11-21 | by ( Josh Mitchell | ) www.wsj.com time to read: 1 min

HSBC’s investment in Bank of Communications dates to 2004. Photo: REUTERS/StringerHSBC Holdings has a $15 billion headache in China—a big stake in a local lender that it can’t easily sell and that could require a big write-down. Long after most other Western banking giants have exited similar positions, HSBC has held on to its roughly 19% position in Bank of Communications , an investment that dates back to 2004. HSBC, Europe’s largest bank by market value, has said the stake is strategically important for its ambitions to grow in Asia.

Organizations: Bank of Communications, REUTERS, Stringer HSBC Holdings, HSBC Locations: China, Bank, Asia

☆ Why Jamie Dimon Changed His Mind on Europe
▼ + stars: | 2023-11-02 | by ( Josh Mitchell | David Benoit | ) www.wsj.com time to read: 1 min

When JPMorgan Chase bought First Republic Bank in May, all eyes were on its CEO, Jamie Dimon. Here’s how the executive’s strategy for managing risk propelled him to the top of the banking world. Photo illustration: John McColganLONDON—Not long ago, JPMorgan Chase Chief Executive Jamie Dimon insisted the Wall Street giant would never get into retail banking in Europe. Now, he’s all in.

Persons: JPMorgan Chase, Jamie Dimon, John McColgan Organizations: JPMorgan, First Republic Bank, JPMorgan Chase Locations: Europe

☆ Ex-Barclays CEO Jes Staley Fined in Jeffrey Epstein Probe
▼ + stars: | 2023-10-12 | by ( Josh Mitchell | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, staley, epstein Organizations: barclays

☆ China’s Economic Worries Spur a Different Kind of Shopping Spree
▼ + stars: | 2023-09-22 | by ( Josh Mitchell | Elaine Yu | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Bank Stocks Slide After Moody’s Downgrade
▼ + stars: | 2023-08-08 | by ( Gina Heeb | Josh Mitchell | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Troubles at Barclays Prompt a Shake-Up—and Banker Exits
▼ + stars: | 2023-07-29 | by ( Cara Lombardo | Josh Mitchell | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones Organizations: barclays

☆ Bidding Wars Get Weird in One of World’s Hottest Rental Markets
▼ + stars: | 2023-07-18 | by ( Josh Mitchell | Yusuf Khan | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ To Beat Back New York, London Seeks to Tap Pension Pot
▼ + stars: | 2023-06-22 | by ( Josh Mitchell | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ What’s Killing Productivity? Some Think It’s the Banks
▼ + stars: | 2023-06-13 | by ( Josh Mitchell | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ HSBC Profit Surges in First Quarter on Interest Income, Accounting Gains
▼ + stars: | 2023-05-02 | by ( Josh Mitchell | Elaine Yu | ) www.wsj.com time to read: 1 min

HSBC has benefited from the sharp rise in central banks’ policy rates. Photo: Taehoon Kim/Bloomberg NewsBanking giant HSBC Holdings reported a sharp rise in profit in the first quarter, driven by bumper interest income and an accounting gain after the planned sale of its French retail bank became less certain. The bank’s profit hit $10.3 billion in the first three months of 2023, more than three times that of a year earlier, HSBC said Tuesday. That beat the estimates of analysts polled by HSBC, who had predicted a profit of around $6.4 billion on average.

☆ Barclays Profit Lifted by U.S. Credit-Card Business
▼ + stars: | 2023-04-27 | by ( Josh Mitchell | ) www.wsj.com time to read: 1 min

Barclays combines a major investment bank with substantial consumer, credit-card and business-banking operations. Photo: PHOTO: Justin Tallis/Agence France-Presse/Getty ImagesBarclays PLC ’s profit rose robustly in the first quarter despite banking turmoil that roiled both sides of the Atlantic. Profit grew 27% in the first three months of the year from a year earlier, to £1.78 billion, or about $2.22 billion, the British bank said Thursday. Analysts had expected a profit of £1.45 billion, according to a Barclays poll.

☆ Growing CEO Pay Gap Gives New York an Extra Edge Over London
▼ + stars: | 2023-04-05 | by ( Josh Mitchell | Ben Dummett | ) www.wsj.com time to read: 1 min

British officials are looking at easing regulations to lure companies and top chief executives to the U.K.As New York vies with London for high-profile listings, one key advantage is often left unsaid. Companies frequently tout the deep pools of capital, expert analysts and investors, and potentially higher valuations that come with a U.S. stock-market presence.

☆ Credit Suisse Write-Off Upends European Bank Capital Bonds
▼ + stars: | 2023-03-22 | by ( Josh Mitchell | Anna Hirtenstein | ) www.wsj.com time to read: 1 min

Some $17 billion of riskier Credit Suisse bonds were written down to zero as part of its emergency takeover. Switzerland’s move to wipe out $17 billion of Credit Suisse Group AG bonds has prompted investors to reassess a market integral to the safety and resilience of Europe’s banking system. The Credit Suisse bonds that were written down as part of its takeover by UBS Group AG were known as AT1s, or Additional Tier 1 bonds. These instruments exploded in popularity in Europe over the past decade and were seen as a way to build buffers that could protect banks in times of trouble without having to tap taxpayer funds.

☆ Why Is Credit Suisse in Trouble? The Banking Turmoil Explained
▼ + stars: | 2023-03-16 | by ( Caitlin Mccabe | Josh Mitchell | ) www.wsj.com time to read: 1 min

Stress in the U.S. banking system jumped across the Atlantic this week, sparking turmoil for embattled Swiss bank Credit Suisse . The European lender has long been dogged by issues. But on Wednesday, problems surrounding the bank exploded into plain view. After a whirlwind 24 hours marked by a dramatic fall in the bank’s stock price and financial contagion concerns, the bank announced it would borrow cash from the Swiss central bank to shore up its liquidity.

☆ Credit Suisse Stock Decline Tests Strength of European Banks
▼ + stars: | 2023-03-15 | by ( Josh Mitchell | Caitlin Mccabe | ) www.wsj.com time to read: 1 min

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New York beat out London to win the coveted listing of British chip designer Arm Ltd., a move that underscores the magnetic pull of the U.S. for big business and the diminished profile of the U.K. as a global financial capital. Arm became the latest among a group of companies that have spurned London for the U.S. New York has deeper pools of capital and a more vibrant investor base willing to pay more for shares than in other markets, executives say.

☆ HSBC Posts Higher Profit After Rise in Global Interest Rates
▼ + stars: | 2023-02-21 | by ( Josh Mitchell | Elaine Yu | ) www.wsj.com time to read: 1 min

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Uncertainty about HSBC’s strategy for serving in both China and the West is amplified by disagreements with Ping An. LONDON—For nearly a year, HSBC Holdings PLC has openly come under pressure from its top shareholder, Ping An Insurance Co., in a standoff that pits Europe’s largest bank against China’s largest insurance company. The source of the rift dates back years, interviews with people familiar with the matter, including people familiar with developments at both companies, suggest.

☆ Barclays Profit Falls as Deal Making Declines; Shares Drop
▼ + stars: | 2023-02-15 | by ( Josh Mitchell | ) www.wsj.com time to read: 1 min

LONDON—Barclays PLC’s profit fell in the fourth quarter from a year earlier, as a downturn in deal making and raising funds for corporate clients held back its investment bank. The British banking giant disappointed investors by missing forecasts for a key measure of profit and giving an underwhelming outlook for the year ahead, helping send its shares sharply lower.

☆ Barclays Profit Falls as Deal Making Declines, Sending Shares Lower
▼ + stars: | 2023-02-15 | by ( Josh Mitchell | ) www.wsj.com time to read: 1 min

LONDON—Barclays PLC’s profit fell in the fourth quarter from a year earlier, sending shares in the British banking giant sharply lower. The bank on Wednesday said net profit fell 4% to £1.04 billion, equivalent to $1.2 billion, in the three months to December, down from £1.08 billion a year earlier. Analysts expected a profit of £919 million, according to a consensus of analyst estimates compiled by Barclays.

☆ Bankers, Executives Pay Up for Wall Street Texting Scandal
▼ + stars: | 2023-01-26 | by ( Josh Mitchell | David Benoit | ) www.wsj.com time to read: 1 min

Morgan Stanley has imposed individual fines of more than $1 million on some of its bankers. Wall Street bankers and executives are getting their pay docked for using text messaging apps that circumvented record-keeping rules and led to hefty fines for the banks. Morgan Stanley has imposed individual fines of more than $1 million on some of its bankers for their role in the matter, a person familiar with the bank said. In late 2021, JPMorgan Chase & Co. had reduced the pay of several members of its top leadership team over the issue, a person familiar with JPMorgan said.

☆ Microsoft Tech to Boost London Stock Exchange’s Quest for Data Dominance
▼ + stars: | 2022-12-23 | by ( Josh Mitchell | ) www.wsj.com time to read: 1 min

LONDON—The London Stock Exchange Group PLC has staked its future on financial data. A new deal with Microsoft Corp. means it poses a bigger threat to industry leader Bloomberg LP, analysts say. LSEG said last week it would spend $2.8 billion over the next decade on Microsoft products, mainly the latter’s cloud service. As part of the deal, Microsoft will take a 4% equity stake in LSEG, buying stock from some of the company’s major existing shareholders.

☆ Microsoft Takes Stake in London Stock Exchange
▼ + stars: | 2022-12-12 | by ( Josh Mitchell | ) www.wsj.com time to read: 1 min

Microsoft will acquire the LSEG shares currently owned by a consortium of Blackstone and Thomson Reuters. LONDON— Microsoft Corp. will take a 4% stake in the London Stock Exchange ’s corporate parent and provide cloud computer services for the financial markets company, in a deal that reflects the growing use of data and tech in global finance. The deal announced Monday calls for London Stock Exchange Group PLC, owner of Europe’s biggest stock exchange by market value, to spend $2.8 billion over the next decade on Microsoft products, mainly its Azure cloud service.

☆ U.K. Loosens Banking Regulation in Bid to Spur Financial Sector After Brexit
▼ + stars: | 2022-12-09 | by ( Max Colchester | Josh Mitchell | ) www.wsj.com time to read: 1 min

Now outside of the European Union, the U.K. is free to create its own rules to regulate the financial sector, centered in the City of London. LONDON—The British government said Friday it would ease regulatory rules on banks, insurers and investors to bolster London’s status as a global financial hub after its allure was dented by Britain’s departure from the European Union. The U.K. presented a 30 point-plan called the “Edinburgh reforms” that the government hailed as a regulatory fine-tuning to boost the British economy, which has suffered a severe slowdown in recent years and is entering a recession. The government said the regulatory changes strike a balance between boosting competitiveness of the country’s financial sector, one of the U.K. economy’s few engines of growth, while guarding against a return to the freewheeling days that led to the 2008 financial crisis.

☆ RBC Bets on Immigration in $10.1 Billion HSBC Canada Deal
▼ + stars: | 2022-11-29 | by ( Vipal Monga | Josh Mitchell | ) www.wsj.com time to read: 1 min

Royal Bank of Canada said it would pay US$10.1 billion for HSBC Holdings PLC’s Canadian operations, a move meant to position Canada’s biggest bank to expand during an expected immigration surge. HSBC, a London-based bank with a huge Hong Kong presence, serves more than 780,000 customers through 130 branches in Canada. As part of the deal, it will refer clients who are moving to Canada to RBC, said Dave McKay , RBC’s chief executive.

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