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☆ 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.

☆ HSBC’s Top Shareholder Steps Up Pressure for Big Overhaul
▼ + stars: | 2022-11-04 | by ( Josh Mitchell | ) www.wsj.com time to read: 1 min

HSBC says Ping An’s criticism of the bank is based on statistics that didn’t include its performance in recent quarters. LONDON— HSBC Holdings PLC’s top shareholder called for a radical reorganization of the banking giant—including possibly selling a chunk of its business—to boost its profits and flagging share price. Ping An Insurance Co. of China called for slashing the bank’s costs and accelerating a shift in capital and personnel to Asia, in comments distributed to media outlets Friday. The insurer—which owns 8.3% of HSBC shares, more than any other investor—also said it would potentially support spinning off part of the company.

LONDON— HSBC Holdings PLC’s chief financial officer decided to leave the company after becoming impatient with the timetable for the chief executive job to open up, according to people familiar with the matter. Ewen Stevenson , 56 years old, in recent months told board members he wanted to be HSBC’s CEO and didn’t want to wait too long, the people familiar with the matter said. The board was unwilling to provide timing for a change or an assurance that Mr. Stevenson would get the job, the people said. CEO Noel Quinn has said he plans to stay for several more years.

☆ Barclays Profit Jumps on Stock-Market Volatility
▼ + stars: | 2022-10-26 | by ( Josh Mitchell | ) www.wsj.com time to read: 1 min

Barclays is one of the U.K.’s largest commercial and retail banks. British bank Barclays PLC said Wednesday its third-quarter profit rose 10%, reflecting increased use of consumer credit cards and stock-market volatility that boosted trading revenue. Net profit rose to £1.5 billion, equivalent to $1.7 billion, in the three months through September compared with the same period a year earlier. Analysts had expected it to report a profit of about £1.2 billion, according to estimates compiled by the London-based bank.

☆ Barclays Profit Jumps on Market Volatility
▼ + stars: | 2022-10-26 | by ( Josh Mitchell | ) www.wsj.com time to read: 1 min

Barclays is one of the U.K.’s largest commercial and retail banks. Barclays profit jumped in the third quarter, boosted by rising interest rates, increased household use of credit cards and volatile bond markets. Net profit rose 10% from a year earlier to £1.5 billion, equivalent to $1.72 billion, in the three months through September, the London-based bank said Wednesday. The total exceeded analysts’ expectations.

☆ HSBC Promotes Veteran Banker to CFO; Profit Falls on Higher Credit Losses
▼ + stars: | 2022-10-25 | by ( Josh Mitchell | Elaine Yu | ) www.wsj.com time to read: 1 min

HSBC Holdings PLC reported a 46% drop in third-quarter profit and named a veteran banker as its new chief financial officer, putting him in the mix as a possible successor to the top job at the global banking giant. The bank has appointed Georges Elhedery , 48 years old, as its new finance chief. He is replacing Ewen Stevenson , who is stepping down from the job at the end of the year and leaving the bank in April. HSBC Chief Executive Noel Quinn called Mr. Elhedery “an exceptional leader” in a statement.

☆ HSBC Profit Falls on French Retail Disposal, Rising Credit Provisions
▼ + stars: | 2022-10-25 | by ( Josh Mitchell | Elaine Yu | ) www.wsj.com time to read: 1 min

Pedestrians passed an HSBC sign in New York earlier this year. Global banking giant HSBC Holdings PLC reported a drop in third-quarter profit, caused by the planned sale of its French retail banking business and rising provisions against credit losses. Profit fell 46% to $1.9 billion in the July through September quarter from a year earlier, HSBC said Tuesday. Analysts had expected it to report about $1.15 billion in profit, according to estimates compiled by the bank.

The Bank of England is hoping a safety net in the form of short-term cash infusions will stabilize markets when it winds down its emergency bond-buying program on Friday. Bankers and investors are skeptical it will work. The Bank of England launched a what it called a temporary repo facility on Monday when volatility rocked the U.K.’s government debt markets. Investors worry about a so-called cliff edge for government bonds once the BOE stops buying them on Friday, ending a program it introduced in late September after a whirlwind selloff that threatened the U.K.’s financial stability. The repo facility is scheduled to run until Nov. 10, helping to cushion the transition.

The Bank of England is hoping a safety net in the form of short-term cash infusions will stabilize markets after it wound down its emergency bond-buying program on Friday. Bankers and investors are skeptical it will work. The Bank of England launched what it called a temporary repo facility on Monday when volatility rocked the U.K.’s government debt markets. Investors worry about a so-called cliff edge for government bonds after the BOE stopped them on Friday, ending a program it introduced in late September after a whirlwind selloff that threatened the U.K.’s financial stability. The repo facility is scheduled to run until Nov. 10, helping to cushion the transition.

☆ U.K. Housing Market Heads for Mortgage-Rate Shock
▼ + stars: | 2022-10-10 | by ( Josh Mitchell | ) www.wsj.com time to read: 1 min

LONDON—The U.K. is about to sustain the biggest shock to its housing market since the 2008 financial crisis, economists say, with hundreds of thousands of British homeowners about to see monthly mortgage payments soar in the coming months. The U.K. is vulnerable to rising mortgage rates because unlike in the U.S., where the 30-year fixed-rate mortgage prevails and is typically backstopped by government-backed lenders, most mortgages carry rates that reset after two or five years.

☆ U.K. Market Turmoil Ripples Into Home Loans
▼ + stars: | 2022-09-27 | by ( Josh Mitchell | ) www.wsj.com time to read: 1 min

At least six mortgage lenders in the U.K. stopped offering some loans, or briefly halted lending to home buyers altogether, according to an industry trade group. LONDON—Some British banks paused new mortgage lending Tuesday, the latest fallout from market turbulence fueled by the new government’s plans for sweeping tax cuts and energy subsidies. At least six mortgage lenders stopped offering some loans, or briefly halted lending to home buyers altogether, according to UK Finance, an industry trade group.

LONDON—Four decades after Ronald Reagan , new U.K. Prime Minister Liz Truss is betting that a dose of tax cuts, new spending and deregulation will do for the British economy what a similar recipe did in the early 1980s for the U.S.: lead to an economic revival. On Friday, Ms. Truss’ government is expected to announce a series of tax cuts, including cutting taxes for new home purchases as well as reversing planned hikes in the corporate tax and cutting a recent increase in payroll taxes. It will also abolish limits on bonuses for bankers and allow fracking for shale gas across the U.K.

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