Activist after HSBC
Activist fund manager Eric Knight fired a salvo at HSBC demanding that the bank undertake a “fundamental” review of the business
HSBC
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Eric Knight has turned his sights on HSBC in a move that could spark changes to the bank’s global strategy and its management culture
HSBC’s investment division renamed
The bank is to finalise the strategic shift in the unit by changing its name to global banking and markets after similar moves by Barclays and Royal Bank of Scotland
HSBC in $45bn SIV bailout
Bank steps in to support Cullinan and Asscher
Critic fails to find allies
Shareholders unmoved by charge
HSBC update fails to impress
Knight Vinke criticises ‘substantial losses’
HSBC hit by rise in US bad loan charges
Bank manages to avoid large write-offs
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A difficult year
Eric Knight’s move comes after a torrid year for the bank, which has been hit hard by the crisis in the US subprime mortgage market and has faced criticism from some investors over its global strategy. Our graphic charts HSBC’s share price since the revelation of its subprime exposure in March and plots key news events.
Comment
HSBC finds investment banks are not built in a day
HSBC has suffered another blow in its attempt to break into investment banking – the surprise resignation of its global head of capital markets. The circumstances are unclear, but the setback underscores difficulties HSBC has encountered
HSBC and KEB
On Monday, HSBC announced that it had finally signed an agreement to buy a 51 per cent stake in Korea Exchange Bank for $6.3bn. The trouble is, there is no green light from Korea’s financial regulator
Analysis
Big lenders braced to ride out the credit storm
The $64,000 question facing investors in British banks is how the sector’s earnings will be affected as the credit bubble that has fuelled their growth over the past four years deflates
HSBC appears to be changing strategy
If the deal goes ahead, HSBC will transform itself from an also-ran to the leading foreign bank in Asia’s third-largest economy, vaulting ahead of Citigroup and Standard Chartered
HSBC uses its muscle to ride out US trouble
Despite writing off a total of almost $11bn in bad debts last year, HSBC was able to report a 5 per cent increase in pre-tax profits to a record $22.1bn.
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