HSBC curbs profit and payout ambitions, bets on Asia wealth

HONG KONG/LONDON (Reuters) – HSBC Holdings PLC on Tuesday abandoned its long-term profitability target, and unveiled a revised strategy focused mainly on wealth management in Asia after the COVID-19 shock saw its annual profits drop sharply. Citing the low interest rate environment and tough market conditions, HSBC ditched its goal

HSBC, StanChart criticised for backing Hong Kong security law

HONG KONG/LONDON (Reuters) – Senior British politicians criticised HSBC (HSBA.L) and Standard Chartered (STAN.L) on Thursday after the banks backed China’s national security law for Hong Kong, in conflict with the British government’s opposition to the proposed legislation. In a break from their usual policy of political neutrality, the British

Hertz awards over $16 million in retention bonus to key executives

(Reuters) – U.S. car rental company Hertz Global Holdings (HTZ.N) said on Tuesday it has paid about $16.2 million in retention bonuses to a range of key executives at the director level and above, days after the company filed for bankruptcy protection. The company paid President and Chief Executive Officer

HSBC sees double-digit wealth asset growth in Asia by 2023

HONG KONG (Reuters) – HSBC Holdings PLC (HSBA.L) expects to achieve double-digit asset growth in its newly combined wealth business in Asia Pacific in the next three years, as it looks to grab a bigger share of the growing rich population, the unit’s regional head told Reuters. The Asia-focused lender