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28/02/2005
HSBC reports massive profits hike
Global bank HSBC has reported a massive increase in pre-tax profit of $17.6 billion (around £9.2 billion) in 2004 - a 37% rise that is the biggest recorded by any UK-based bank.
The company's sales also rose by 23% to $50.59 billion (around £26.29 billion) aided by HSBC's acquisition of US loan firm Household International, which the bank described as one of the most important and successful acquisitions in their recent history. A gradual economic recovery in the US, which had contributed to improved employment levels and low interest rates and inflation as well as "remarkable economic progress" in China had all helped boost profits, HSBC reported.
HSBC Chairman Sir John Bond said that 2004 had been “another good year” for the bank. He also said that the economic environment had remained "broadly favourable" in 2004.
However, Amicus, Britain's biggest private sector union, have announced plans to call on 20,000 HSBC staff to strike over pay.
The union has criticised the bank's plan to introduce a new bonus scheme, which Amicus claims would be "detrimental" to the majority of staff.
National Officer, Rob O'Neill, said: “How can a bank which is making so much money squeeze the pay of exactly the same staff who have contributed to the success of the business and expect them to take it lying down. These massive profits will mean yet another bonanza for shareholders and the boardroom but no such luck for staff. “Amicus is prepared to ballot its members for industrial action unless HSBC gives their UK staff an equitable share of the profits in the same way they do for shareholders and boardroom members."
(KMcA/SP)
The company's sales also rose by 23% to $50.59 billion (around £26.29 billion) aided by HSBC's acquisition of US loan firm Household International, which the bank described as one of the most important and successful acquisitions in their recent history. A gradual economic recovery in the US, which had contributed to improved employment levels and low interest rates and inflation as well as "remarkable economic progress" in China had all helped boost profits, HSBC reported.
HSBC Chairman Sir John Bond said that 2004 had been “another good year” for the bank. He also said that the economic environment had remained "broadly favourable" in 2004.
However, Amicus, Britain's biggest private sector union, have announced plans to call on 20,000 HSBC staff to strike over pay.
The union has criticised the bank's plan to introduce a new bonus scheme, which Amicus claims would be "detrimental" to the majority of staff.
National Officer, Rob O'Neill, said: “How can a bank which is making so much money squeeze the pay of exactly the same staff who have contributed to the success of the business and expect them to take it lying down. These massive profits will mean yet another bonanza for shareholders and the boardroom but no such luck for staff. “Amicus is prepared to ballot its members for industrial action unless HSBC gives their UK staff an equitable share of the profits in the same way they do for shareholders and boardroom members."
(KMcA/SP)
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06 March 2006
HSBC reports record profits
HSBC has reported earnings of £11.9 billion ($20.97 billion) for last year, the largest ever profits announced by a UK bank. The figure was an increase of 11% on the previous year and followed robust performances in the UK, US and Hong Kong markets, the group said.
HSBC reports record profits
HSBC has reported earnings of £11.9 billion ($20.97 billion) for last year, the largest ever profits announced by a UK bank. The figure was an increase of 11% on the previous year and followed robust performances in the UK, US and Hong Kong markets, the group said.
26 April 2012
2,200 Job Cuts Confirmed At HSBC
HSBC has confirmed that it is to cut more than 2,200 jobs in the UK as part of its global cost-cutting plans. Over 3,100 posts are being closed but the bank said that new roles were being created as well, which would result in 2,217 staff leaving.
2,200 Job Cuts Confirmed At HSBC
HSBC has confirmed that it is to cut more than 2,200 jobs in the UK as part of its global cost-cutting plans. Over 3,100 posts are being closed but the bank said that new roles were being created as well, which would result in 2,217 staff leaving.
27 May 2005
HSBC staff take strike action over pay
Amicus trade union expects widespread disruption across HSBC services as thousands of staff take part in a 24-hour strike over pay.
HSBC staff take strike action over pay
Amicus trade union expects widespread disruption across HSBC services as thousands of staff take part in a 24-hour strike over pay.
12 May 2005
HSBC staff vote in favour of strike action
Workers at leading bank, HSBC, have voted in favour of strike action over a pay dispute. Trade union Amicus have warned that if the strike goes ahead, it will take place on May 27, the same day that the bank holds its annual general meeting.
HSBC staff vote in favour of strike action
Workers at leading bank, HSBC, have voted in favour of strike action over a pay dispute. Trade union Amicus have warned that if the strike goes ahead, it will take place on May 27, the same day that the bank holds its annual general meeting.
05 May 2011
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
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