Tag #Hsbc

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europe.chinadaily.com.cn

🌐 75% Global Worthiness

Jan 24, 07:09

HSBC to Close Zing App, Resulting in 400 Job Losses

HSBC, Europe's largest bank, is closing its mobile cross-border payments app, Zing, resulting in approximately 400 job losses due to a strategic review prioritizing cost-cutting and focusing on core business areas where it has a competitive advantage. The app failed to compete effectively against fi...

HSBC to Close Zing App, Resulting in 400 Job Losses

HSBC, Europe's largest bank, is closing its mobile cross-border payments app, Zing, resulting in approximately 400 job losses due to a strategic review prioritizing cost-cutting and focusing on core business areas where it has a competitive advantage. The app failed to compete effectively against fi...

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What are the immediate consequences of HSBC's decision to close its Zing app, and how significant are these impacts on the financial landscape?

HSBC, Europe's largest bank, is closing its international payments app, Zing, resulting in approximately 400 job losses. This decision impacts both HSBC employees and external customer support staff. The closure follows a strategic review and reflects a broader cost-cutting initiative.

smh.com.au

🌐 85% Global Worthiness

Dec 16, 01:09

HSBC Sued for \$23 Million in Scam Losses Due to Systemic Fraud Control Failures

Australia's corporate regulator is suing banking giant HSBC for failing to protect hundreds of customers who lost over \$23 million to scams between January 2020 and August 2024 due to alleged systemic gaps in its fraud control systems, slow investigations, and inadequate prevention measures.

HSBC Sued for \$23 Million in Scam Losses Due to Systemic Fraud Control Failures

Australia's corporate regulator is suing banking giant HSBC for failing to protect hundreds of customers who lost over \$23 million to scams between January 2020 and August 2024 due to alleged systemic gaps in its fraud control systems, slow investigations, and inadequate prevention measures.

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What specific systemic failures within HSBC's fraud control systems led to over \$23 million in customer losses from scams?

HSBC is facing a lawsuit from Australia's corporate regulator, ASIC, for failing to protect customers from scams resulting in over \$23 million in losses between January 2020 and August 2024. ASIC alleges systemic failures in HSBC's fraud controls, including slow investigation times averaging 145 days and inadequate prevention measures. This led to significant financial losses for hundreds of customers, some exceeding \$90,000.

forbes.com

🌐 85% Global Worthiness

Dec 27, 13:09

HSBC Stock Rises 32% YTD on Strong Q3 Results and Strategic Initiatives

HSBC's stock has gained 32% year-to-date, outpacing the S&P 500, driven by strong Q3 2024 results showing \$17 billion in revenue (up 5% YoY) from wealth products and trading activities, despite lower net interest income. The bank's cost-cutting measures, restructuring, and capital return program al...

HSBC Stock Rises 32% YTD on Strong Q3 Results and Strategic Initiatives

HSBC's stock has gained 32% year-to-date, outpacing the S&P 500, driven by strong Q3 2024 results showing \$17 billion in revenue (up 5% YoY) from wealth products and trading activities, despite lower net interest income. The bank's cost-cutting measures, restructuring, and capital return program al...

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What factors are driving HSBC's stock price increase, and what are the immediate implications?

HSBC's stock price has risen 32% year-to-date, exceeding the S&P 500's 27% gain. This increase is driven by strong Q3 2024 results, including a 5% rise in revenue to \$17 billion due to increased demand for wealth products and higher trading activity. However, net interest income fell due to business disposals and higher interest expenses.

lemonde.fr

🌐 75% Global Worthiness

Dec 4, 22:10

MMG to Cut 1,428 Jobs at CCF in Restructuring Plan

My Money Group (MMG) announced a plan to cut 1,428 jobs (36% of its workforce) at its French subsidiary, Crédit Commercial de France (CCF), reducing the number of agencies from 235 to 151, prioritizing voluntary departures but not excluding forced ones; the decision is based on geographic coverage, ...

MMG to Cut 1,428 Jobs at CCF in Restructuring Plan

My Money Group (MMG) announced a plan to cut 1,428 jobs (36% of its workforce) at its French subsidiary, Crédit Commercial de France (CCF), reducing the number of agencies from 235 to 151, prioritizing voluntary departures but not excluding forced ones; the decision is based on geographic coverage, ...

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What is the extent of the job cuts at CCF, and what are the key factors driving this restructuring?

My Money Group (MMG), owner of the French subsidiary of HSBC since January 1, 2024, announced a restructuring plan that will reduce its workforce by 1,428 employees (36%), decreasing the number of agencies from 235 to 151. The plan, which involves 100 million euros in investments, prioritizes voluntary departures but doesn't rule out forced departures. The reduction is expected to be completed between Q3 2025 and the end of 2026.

Showing 13 to 16 of 16 results