HSBC

HSBC Plc plans to cut its workforce which may account for more than 10,000 employees, as the bank seeks to cut its costs, reported Sky News, citing the sources with the knowledge of the matter.

Sky News adds that the plans of the bank have not been yet finalized. Meantime, officials at the company provide no comments.

The Justice Department of the US appealed to the federal court to permit them to make HSBC to share information about their clients. The government wants to get the details of rich Americans who hold their money in offshore accounts in India to evade high income taxes.

HSBC Global Transaction Banking launched its new 'Managed Payments Service (MPS)' for corporate clients to help them outsource key elements of payments activities, connectivity and data integration. Financial institutions and large corporate customers that seek to pursue an in-house bank or payment factory strategy will be provided with a flexible, multi-bank proposition over the SWIFT network.

HSBC Bank USA, N.A. has completed its first U.S. cross-border Renminbi (RMB) trade settlement transaction, following the extension of China’s RMB trade settlement pilot program in June 2010.

Global Payments Asia-Pacific Limited, that represents a joint venture between the US-based Global Payments Inc. and the HSBC has become the first foreign payment card processor to launch China UnionPay card acquiring service in China.

Monday, HSBC unveiled its plans to acquire South Africa's fourth-biggest bank Nedbank.

Thus far, Europe's biggest bank is currently in exclusive talks with Anglo-South African insurer Old Mutual to buy Nedbank.

Two top European banks, HSBC and BNP Paribas, excel their earnings outlooks as bad debts fell sharply to make up for slowing investment banking growth.

It was reported that on Monday the online banking system of HSBC broke down causing troubles and losses to its customers. It is necessary to say that it was the second time Hongkong and Shanghai Banking Corporation clients suffered from such an incident within 3 months. The previous one was on April 15.

There is still no official statement about the reasons of the breakdown. No compensation offers declared. However one of the clients said that he was offered HK$8,000 reimbursement to cover his HK$11,000 loss. 

The stolen data from HSBC’s Swiss private banking arm continue their plague of being used by national authorities for tax evasion investigations. Now Spain is using the data to conduct a probe.

Herve Falciani stole account data for around 79,000 clients three years ago and fled to France while under investigation before eventually handing it over to authorities.

Earlier, in April French prosecutor Eric de Montgolfier studied decrypted files and initiated an investigation into tax evasion on the basis of over 8000 accounts related to French customers.

HSBC has introduced a new consultation service that allows Premier customers in Hong Kong to hold virtual meetings with the company managers online. Customers are able to get access to the Live Connect service through the bank's Web site, clicking on a button to open a window containing a real-time view of their relationship manager.

Speaking to the managers via a webcam and computer speakers consumers can ask their questions and get instant financial advice on products.

As it became known HSBC’s and Standard Chartered’s CEOs intend to provide charity with their bonuses.

Michael Geoghegan chief executive of HSBC would accept his bonus but give it to several charities. Geoghegan stands to be awarded a bonus of four times his basic salary of 1.1 million pounds (or $1.68 million).

At the same time, Peter Sands, head of Standard Chartered, planned to donate his bonus to charity as well.

HSBC presented its new ‘Rapport’ security software, in a move to remain one step ahead of the fraudsters and to prevent its customers from criminals.

According to some statistic data, with current 50% of internet users banking online criminals are upping their efforts to target consumers via the web. That’s why HSBC is advising its customers to download Rapport.

This year HSBC expects its Amanah Islamic banking division to grow significantly with the increased sukuk mandates than in 2009, as started by Razi Fakih, deputy chief executive of Amanah.

The banking company sees in 2010 more than the 15 mandates it had in 2009 for sukuk, or Islamic bond issues, Fakih said.

"We're confident we can do better in 2010," Fakih said. "We see a very bright 2010 in the sukuk space."

According to HSBC's CEO Michael Geoghegan, HSBC Holdings is happy with its 20% stake in Bank of Communications, its primary investment vehicle in China. 

Geoghegan decided to make comments after Britain's Sunday Telegraph reported that the HSBC was considering a bid for a major Chinese bank to reinforce its presence in the country as other foreign lenders retrenched.

HSBC's technology and services unit announced it opened an environmentally sustainable office in Canada to house its 850-strong global software development team.

The office in Burnaby, British Columbia, denominated by the bank "Discovery Green", has the five-storey, campus-style building with 146,000 square feet.