BGN Entrepreneur » Banking and Finance

HSBC Targets Cross-selling Revenue Boost

Sky — Thu, 17 May 2012 10:01:11 +0000

According to the UK-listed bank–HSBC, it is announced that the group could generate an extra cross-selling revenue of $1bn from the closer integration of its four key businesses, on top of the $1bn HSBC has been targeting, as part of its restructuring.
The banking group has already sold or closed 28 small or non-strategic businesses ever since chief executive–Stuart Gulliver launched his overhaul last May, which has seen the bank cut up to $55bn in risk weighted assets from its balance sheet and shed about 30000 employees.

Trading Desks Face Tighter Regulations

Sky — Mon, 14 May 2012 07:57:08 +0000

It is highly likely that the size and scale of last week’s surprise $2bn loss at JPMorgan Chase would accelerate plans by global regulators to push banks to improve their trading risk models. The move could sharply push up costs and capital requirements for large banks across the world.
Though the initial reactions to the JPMorgan loss focused on how the company could reshape the US debate over implementing the “Volcker rule” ban on proprietary trading, the misstep by one of the world’s largest banks could have far broader the consequences of the issue.

HSBC Profits Rise but Outlook Cautious

Sky — Wed, 09 May 2012 07:50:31 +0000

According to HSBC, it is said that the first quarter underlying pre-tax profit of the group had risen by 25% compared to 2011. However, the bank struck a cautious note in its trading outlook.
The bank’s statutory pre-tax profit, which included a $2.64bn accounting loss related to fluctuations in the value of HSBC’s issued debt, was $4.32bn. It was down from $4.91bn in the first quarter of last year.
It was indicated that the performance of the bank in April had been satisfactory.

World Bank Job Should Hire Nigeria’s Finance Minister

Sky — Fri, 06 Apr 2012 07:47:31 +0000

A group of former World Bank officials had a letter back Nigeria’s Finance Minister Ngozi Okonjo-Iweala, its next president will be written. Traditionally, the U.S. contribution will be put to the candidates ahead of the one that is Dr. Jim Yong Kim this time given. But in an open letter, said 35 former managers and economists from the bank the next chief should be selected on merit.

Another group of economists signed a petition this week, the security of Colombia José Antonio Ocampo. This is the first time the World Bank had to choose between the candidates, since its founding more than 60 years. The board of the bank has to choose between Mrs Okonjo-Iweala, a former World Bank managing director, José Antonio Ocampo, a former finance minister of Colombia, and Jim Yong Kim, an expert on health policy and president of Dartmouth College in the United States.

The Bank holds interviews next week and plans for the successor to outgoing President Robert Zoellick on 20 April choose when they begin their spring meetings with the IMF.

Get Accurate Transaction Data of Your Own Business

Sky — Tue, 03 Apr 2012 12:32:43 +0000

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Do you want to always know what’s going on with your ow business? Are you looking to avoid seeing any unpleasant expression on the online account of your own business? Are you looking to get some help from reliable software developers? Check it out online for more advanced tools. Find the right easy-to-use online accounting solution that could automatically bring all sales and expenses together in one place. Gather accurately recorded data from all of your transactions included in the revenue totals and expense data.

Wells Fargo Set for Further Expansion

Sky — Tue, 28 Feb 2012 16:53:39 +0000

According to the chief executive of Wells Fargo, it is revealed that the company plans to increase the size of its wealth management and insurance divisions through acquisitions and buying more assets from shrinking European banks.
John Stumpf, whose bank’s market capitalisation is larger than that of any other in the US, indicated that he had “sore toes” from “kicking the tyres” on so many potential deals. However, he was determined to keep expanding in spite of the fact that, ever since Wells has more than a 10th of all US retail deposits, it is unlikely for Well to buy more banks.

Lloyds to Claw Back bonuses in Wake of PPI Scandal

Sky — Mon, 20 Feb 2012 10:24:11 +0000

The state-backed bank–Lloyds Banking Group is expected to take back a significant chunk of the bonuses, which has been previously awarded to senior executives, as the bank takes action against the mis-selling of a controversial type of loan insurance.
According to people familiar with the case, it was revealed that the banking group is going to take the rare step of stripping Eric Daniels and a number of other current and former directors of a portion of the awards they received in 2010 as punishment for their role in the sale of payment protection insurance.
This action will become the first example of a bank reclaiming bonuses paid to top staff ever since the FSA introduced new “clawback” rules in the year of 2009.

Citigroup to Issue China Credit Cards

Sky — Tue, 07 Feb 2012 13:10:40 +0000

After a slow start due to a lack of payments infrastructure, the credit card market in China has started to grow more dramatically in the recent years. Sccording to Citi, it is said that the number of cards in issue recorded by the Chinese central bank reached 268m by last September, which was over 5 times the level at the end of 2006.
The market is restricted to a single card-processing company–Union Pay. Consumers’ use of credit cards lags behind the number in issue. However, according to the bank, the market’s growth potential is enormous, as processing improves and more merchants accept the cards. According to the 2010 annual report from the People’s Bank of China, it is revealed that all card-based transactions grew by more than 50% by value to Rmb10.4trn.
Citigroup will become the first western bank to issue credit cards in mainland China under its own brand. The move become another foot in the door for Citi on the mainland after it also won the preliminary approval in January to launch a joint-venture securities company with Orient Securities.

Banks Set to Double Crisis Loans from ECB

Sky — Tue, 31 Jan 2012 03:31:58 +0000

European banks are getting ready to tap the emergency funding scheme of European Central Bank for up to twice as much as the bank supplied in its debut auction of €489bn last month. The news provides further evidence of liquidity squeeze in the sector.
Several of the biggest banks in the eurozone have indicated that they could well double or even triple their request for funds in the three-year money auction of ECB.

Warning on Returns from MF Global UK

Sky — Wed, 18 Jan 2012 16:24:00 +0000

Customer of the UK arm of failed futures broker—MF Global have already been quite angry about the pace of returns of money invested. However, it is possible that their anger would be further inflamed as it is warned by the administrator of MF Global–Richard Heis that the customers might not get all their money back.
According to Richard Heis, joint special administrator at KPMG, it is revealed that that KPMG had recovered some £594m of customer funds held in so-called segregated accounts, where money is supposed to be held at arms length from the business. However, it is said that the total pay-out would depend on the resolving valuations of outstanding claims and costs being racked up by KPMG. The total costs have already amounted to about £20m.