HSBC Holdings PLC
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A shareholder coup at newly merged commodities group Glencore Xstrata ousted chairman Sir John Bond on Thursday, along with all other former directors from Xstrata.
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Wells Fargo believes the nation's housing slump is the worst since the Great Depression and is far from over, Chief Executive John Stumpf said Thursday.
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Several financial institutions have been telling investors that subprime losses may not be as big as feared. Yet many wonder if it's all just wishful thinking.
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US stocks closed an uneasy session lower as investors, uncertain if the worst of the credit crisis is over, refrained from extending Tuesday's huge advance.
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European shares rose for the third straight day on Wednesday led by British bank HSBC, which reported higher profits, but analysts and traders said sentiment was fragile and big investors cautious.
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HSBC Holdings, Europe's biggest bank, said its third-quarter profits were ahead of last year's and revenue growth across the group offset a jump in its charge for bad debts in the United States.
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Futures rallying on economic and subprime news. 1) Economic news showed no inflation at the wholesale level and retail sales on the aggregate were a tad better than expected. 2) Two large financial companies made relatively positive comments concerning their subprime exposure this morning.
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Help may be on the way for the financial sector, but in the meantime individual institutions are continuing to get hit with damage from the growing subprime mortgage crisis.
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Banks worldwide may lose as much as $400 billion from subprime mortgages, as at least one in four of the risky home loans go into default, analysts said on Monday.
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Here's what I see this Monday morning:1) U.S. dollar finally showing some strength on weakness overseas, Hong Kong at a 6 week low, about 12% from historic high. 2) Jitters in tech land. All those momentum traders piling into techs in the last couple months are nervous.
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Europe's biggest bank HSBC is this week expected to unveil a further big hit from its exposure to the U.S. mortgage crisis.
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HSBC Holdings is to buy a 49.9 percent stake in the life insurance unit of South Korea's No. 4 banking group, Hana Financial, an online media firm said on Tuesday.
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HSBC Holdings was one of the first and most exposed banks to the U.S. housing crisis, but the recent bigger problems of leading rivals mean its shares have outperformed to make it the West's biggest bank.
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HSBC Holdings was one of the first and most exposed banks to the U.S. housing crisis, but the recent bigger problems of leading rivals mean its shares have outperformed to make it the West's biggest bank.
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Banks and other financial institutions have expressed interest in providing more than $60 billion towards a super-sized fund aimed at bailing out structured investment vehicles, The Wall Street Journal reported on Sunday.
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The major European indexes closed in the red Friday as fresh record highs in the price of oil and a soaring euro versus the dollar gave rise to economic concerns. Banking stocks were among the worst performers, with the Dow Jones STOXX banking index down 1 percent.
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A U.S. real estate fund reportedly has sued HSBC alleging the its U.S. mortgage trading operation took advantage of the credit crisis at the expense of the fund.
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HSBC has applied for a review of its $6.3 billion purchase of a stake in Korea Exchange Bank to South Korea's Fair Trade Commission, the anti-trust body said on Tuesday.
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Merrill Lynch's subprime mortgage unit, First Franklin Financial, could cut about $100 million from the brokerage's third-quarter profit on an impairment charge, a Wall Street analyst said Tuesday.
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HSBC, Europe's biggest bank, said it would close its U.S. subprime mortgage unit, cutting 750 jobs and taking an $880 million writedown, because the business is no longer sustainable.
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The U.K.'s top banks are mulling borrowing funds from the Bank of England's 10 billion pounds ($20 billion) facility to remove the stigma attached to it and restore confidence in the banking system, the Financial Times reported Friday.