HSBC dismisses demands on strategy, governance: report
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Europe's biggest bank HSBC Holdings  has rejected calls from activist investor Knight Vinke Asset Management for it to review its strategy and shake up its corporate governance, the Financial Times reported.
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HSBC Holdings PLC, Europe's largest bank by market value, reported Monday that profit rose 5 percent in 2006 despite losses in its mortgage operation in the United States that led to the removal of two senior executives.
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Investment bank HSBC has revised   downward its forecast for 2007 economic growth and cautioned   that the risk of an outright recession is growing as a retreat   in housing threatens household balance sheets.
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LONDON/NEWCASTLE  - British Prime Minister Gordon Brown defended his handling of the nationalization of Northern Rock on Monday, but will now have to grapple with the fallout of possible job cuts and shrinking the bank.
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Britain's Royal Bank of Scotland  is considering a major acquisition in the United States early next year, according to a report in The Scotsman newspaper on Wednesday, but the bank dismissed the report.
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Nasdaq Stock Market Inc.'s   chief executive told investors on Friday that expanding  overseas could make sense, but refused to comment on questions  about its strategy toward the London Stock Exchange .
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HSBC Holdings Plc, Europe&#39;s biggest bank by market value, and Standard Chartered Plc are vying for control of Korea First Bank after neither of the UK-based lenders could agree a price with Newbridge Capital Ltd.
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Banking giant HSBC is moving to expand its presence in Asia through the acquisition of Korea First Bank. It has also been reported that Standard Chartered is competing with its
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HSBC Holdings Plc&#39;s  U.S.  subprime unit scheduled a management conference call with its  staff on Friday amid concern about layoffs and even a winding  down of operations, two employees at the unit said.
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HSBC   is not considering acquisitions in Japan and will instead focus on growth by itself as it rolls out retail banking in the world's second-largest economy, HSBC Chairman Stephen Green said on Thursday.
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HSBC Holdings reported that profit rose 5 percent in 2006 despite losses in its mortgage operation in the United States that had led to the removal of two senior executives. The chief executive, Michael F. Geoghegan, said problem loans would take up to three years to work out. HSBC, which is based in London and operates in Europe, Asia and the Americas, reported net income of $15.79 billion for 2006, up from $15.08 billion in 2005. Loan impairment charges and other risk provisions rose to $10.57 billion, from $7.08 billion, largely because of a 20 percent increase in bad debt charges in the subprime mortgage market in the United States.
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James Crosby, chief executive of HBOS Plc, said yesterday he decided not to bid for Abbey National Plc, HBOS&#39;s largest mortgage-banking rival, because ``cold analysis in the head&#39;&#39; told him not to.
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Canada's Bank of Nova Scotia   confirmed on Friday it was looking out for  acquisitions in Malaysia but denied a report that it planned to  buy an indirect stake in the country's fourth-biggest lender.
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HSBC Holdings Plc  said on Friday it will close its U.S. subprime unit, Decision One Mortgage, and record an impairment charge of about $880 million, saying the mortgage business is no longer sustainable.
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HSBC Holdings Plc's  U.S. subprime unit scheduled a management conference call with its staff on Friday amid concern about layoffs and even a winding down of operations, two employees at the unit said.
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Business & money: US pension fund backs demands for changes Bank insists share price shows strategy is right
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The Singapore government, which recently  bought a 9 percent stake in UBS, does not aim for operational  control over the Swiss bank, a Swiss newspaper reported on  Sunday.