View more on these topics

Missed profits and regulatory pressures wipe £5bn off HSBC market value

HSBC saw its stock market valuation plummet by more than £5bn after reporting lower than expected profits and warning of regulatory risks in its full year results yesterday.

Prior to releasing its results, HSBC’s share price stood at 610p per share at the start of trading yesterday, but had since fallen 5.6 per cent to 576p per share as of 9am today, taking more than £5bn off the company’s value.

Pre-tax profits fell 17 per cent from £14.7bn in 2013 to £12.2bn last year, while the bank was also forced to set aside an additional £910m for customer redress.

HSBC is also facing regulatory investigations over claims it supported more than 1,000 UK customers in dodging tax bills between 2005 and 2007, with Swiss police last week raiding the bank’s Geneva offices.

Group chairman Douglas Flint said yesterday he “deeply regrets and apologises for” the failures within the Swiss private banking arm.

Recommended

Steve Bee

Steve Bee unveils new auto-enrol compliance offering

Steve Bee’s employee benefits firm, JargonFreeBenefits, has launched a new administration system designed to enable accountants to help small businesses comply with their auto-enrolment duties. Bee says the new system will allow accountants to manage auto-enrolment communications and compliance requirements throughout the auto-enrolment process. He says: “As we head into auto-enrolment for the smaller employers, […]

Cash-Money-Currency-Dollars-Pounds-700x450.jpg
9

Labour to roll allowances into 50% banker bonus tax

Labour will include allowances in a 50 per cent one-off tax on banker bonuses designed to fund a compulsory jobs guarantee. Allowances do not count towards the EU bonus cap, which limits bonuses to 100 per cent of salaries or 200 per cent with shareholder approval. However, last year, the European Banking Authority called for allowances […]

CI-diagnosis-medical-check up-protection

Zurich pays 93% of IP claims

Zurich paid out on 93 per cent of new income protection claims in 2014, according to its latest figures. Of the 687 IP customers receiving payments in 2014, 69 were new claims of which 93 per cent were successful. The remaining 7 per cent were rejected for failing to meet policy criteria. The figure is […]

Three stocks due a Brexit boost

By Mark Martin & Holly Cassell, Neptune Mark Martin and Holly Cassell highlight three high-conviction holdings in the Neptune UK Mid Cap Fund that they believe are well positioned to benefit from Brexit. Read more Important information Investment risks Neptune funds may have a high historic volatility rating and past performance is not a guide […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment