HSBC downgraded to Underperform from Outperform at Keefe Bruyette » 09:2404/0104/01/20
Keefe Bruyette analyst…
Keefe Bruyette analyst Edward Firth double downgraded HSBC to Underperform from Outperform with a 455 GBp price target.
HSBC cancels fourth interim dividend of 21c per ordinary share » 16:3903/3103/31/20
According to a statement…
According to a statement posted on Twitter by The Times business editor Richard Fletcher, the board of HSBC said it received from the Bank of England through the PRA a written request not to pay the fourth interim dividend in respect of 2019. The board said it met to discuss the written request form the PRA and, in response, has cancelled the fourth interim dividend of 21c per ordinary share, which was scheduled to be paid on April 14, 2020. The board also decided that until the end of 2020 it will make no quarterly or interim dividend payments or accruals in respect of ordinary shares, or undertake any share buybacks in respect of ordinary shares. Reference Link
HSBC suspends fourth interim dividend of 21c per share, Bloomberg says 16:3603/3103/31/20
EBA reiterates call for EU banks to refrain from dividends, share buybacks » 15:1603/3103/31/20
CS, UBS, BCS, ING, SAN, DB, LYG, RBS, HSBC
The European Banking…
The European Banking Authority said it is clarifying its expectations in relation to dividend and remuneration policies, provided additional guidance on how to use flexibility in supervisory reporting and recalled the necessary measures to prevent money laundering and terrorist financing. The EBA supports all the measures taken so far to ensure banks maintain a sound capital base and provide the needed support to the economy. In this respect, the EBA reiterates and expands its call to institutions to refrain from the distribution of dividends or share buybacks for the purpose of remunerating shareholders and assess their remuneration policies in line with the risks stemming from the economic situation. In addition, the EBA provides details on its call for competent authorities to offer leeway on reporting dates, urging one-month flexibility for reports with remittance dates between March and the end of May 2020. The EBA also called for flexibility in assessing deadlines of institutions' Pillar 3 disclosures. This flexibility would not put at risk the access to crucial information on banks' capital, risks and liquidity, which is needed to monitor closely their financial and prudential situation. Furthermore, the EBA decided, in coordination with the Basel Committee on Banking Supervision, to cancel the Quantitative Impact Study based on June 2020 data. Finally, as measures to prevent money laundering and terrorist financing remain crucial in this challenging time, the EBA calls on competent authorities to support financial institutions' ongoing efforts by sharing information on emerging ML/TF risks, setting clear regulatory expectations and using supervisory tools flexibly. Publicly traded companies in the space include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Group (ING), Lloyds Banking (LYG), RBS (RBS) and UBS (UBS).
HSBC downgraded to Neutral from Buy at BofA » 07:5303/3003/30/20
BofA analyst Alastair…
BofA analyst Alastair Ryan downgraded HSBC to Neutral from Buy.
|Over a week ago|
HSBC to delay majority of job cuts amid coronavirus fallout, Reuters reports » 09:4803/2603/26/20
HSBC is delaying the…
HSBC is delaying the "vast majority" of its planned redundancies to deal with the fallout from the coronavirus pandemic, a memo sent to staff seen by Reuters says, Sinead Cruise reports. "Because of the extraordinary impact of the COVID-19 pandemic, we have decided to pause, for the time being, the vast majority of redundancies associated with this program where notices have not already been issued," HSBC CEO Noel Quinn said in the memo. Quinn added that HSBC will also pause external recruitment, "other than for a small number of front-line and business critical roles and those already with written offers." Reference Link
HSBC put volume heavy and directionally bearish » 13:5503/2503/25/20
Bearish flow noted in…
Bearish flow noted in HSBC with 8,734 puts trading, or 1.1x expected. Most active are May-20 30 puts and Apr-20 28 puts, with total volume in those strikes near 4,700 contracts. The Put/Call Ratio is 4.17, while ATM IV is up nearly 19 points on the day. Earnings are expected on April 28th.
HSBC downgraded to Sell from Hold at Societe Generale » 06:5303/2403/24/20
Societe Generale analyst…
Societe Generale analyst James Invine downgraded HSBC to Sell from Hold with a 450 GBp price target.
HSBC could be forced to delay major restructuring if crisis deepens, FT reports » 06:0503/1903/19/20
HSBC will be forced to…
HSBC will be forced to delay a plan to cut 35,000 jobs and significantly shrink its balance sheet in Europe and the U..S if the global coronavirus outbreak turns into a long-term crisis, The Financial Times' David Crow reports. CEO Noel Quinn and other executives, who called the plan one of the "deepest restructurings" in the bank's history, accept that the coronavirus outbreak means they will be forced to adjust the pace at which they execute the restructuring, according to four people briefed on HSBC's plans. Reference Link
HSBC appoints Noel Quinn as Group CEO » 13:3203/1703/17/20
HSBC Holdings plc…
HSBC Holdings plc announces that Noel Quinn is appointed Group Chief Executive Officer. This is effective immediately. Group Chairman Mark Tucker, who led the global search, said: "Noel has proven to be the outstanding candidate to take on a role permanently that he has performed impressively on an interim basis since August 2019. He is a strong and proven leader with extensive global banking expertise, deep client relationships and the energy and skill to drive the business forward at pace. In the last few months Noel has worked closely with the Board to agree the key actions required to build and enhance performance on a sustainable basis. He has shown a great understanding of HSBC, the challenges we face and the significant opportunities for growth that lie ahead. We wish him the very best in taking HSBC forward."