2 weeks Ago
East-West split WON'T lead to a full-blown HSBC break-up, insists boss Georges Elhedery By Jessica Clark Updated: 18:22 EDT, 29 October 2024 e-mail View comments HSBC’s chief executive has denied that a recently announced East-West split will lead to a full-blown break-up of the bank. Georges Elhedery pushed back against speculation that his major overhaul of the lender was a step towards spinning off parts of the bank. The comments came as the lender revealed profits leapt 10 per cent to £6.
5billion in the third quarter – pushing shares up 3 per cent to a six-year high. Split: HSBC Chief exec Georges Elhedery (pictured) pushed back against speculation that his major overhaul of HSBC was a step towards spinning off parts of the bank But the results were overshadowed by speculation over the future of the bank. Elhedery, who was HSBC finance chief before becoming boss in September, last week announced plans to divide its UK and Hong Kong businesses into standalone units.
Alongside the UK and Hong Kong units, there will be two other divisions: corporate and institutional banking and international wealth and premier banking. RELATED ARTICLES Previous 1 Next Britons are lovin' McDonald's less as burger-lovers find..
. It's our worst NIGHTMARE: Business braced for 'perfect..
. Why BP and the other oil giants should defy Labour's green..
. Britain's growth calamity: The Government's prioritisation..
. Share this article Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account Businesses within those divisions will fall into either eastern markets, including the Asia-Pacific region and the Middle East, or western markets, including the UK, Europe and the Americas. The announcement reignited speculation that HSBC – based in the UK but making most of its revenue in Hong Kong – could be heading for a full-blown break up.
But Elhedery yesterday said: ‘This is not either a precursor, or intention, or preparation for any split. 'This is a matter of streamlining. There is no geopolitical reason why we have done this.
’ Santander job cuts Santander is cutting 1,425 jobs in the UK this year as it continues to reduce costs. The Spanish bank’s UK division also delayed publishing its latest financial results after a Court of Appeal ruling on Friday linked to misselling car finance. Santander said it will not be able to ‘reliably estimate at this point in time the extent of any potential financial impact’ of the court’s decision.
The wider Santander Group reported a pre-tax profit of £4.1billion between July and September, 11pc higher than the same period last year. The UK arm did not say when it aims to publish the delayed earnings release.
DIY INVESTING PLATFORMS AJ Bell AJ Bell Easy investing and ready-made portfolios Learn More Learn More Hargreaves Lansdown Hargreaves Lansdown Free fund dealing and investment ideas Learn More Learn More interactive investor interactive investor Flat-fee investing from £4.99 per month Learn More Learn More Saxo Saxo Get £200 back in trading fees Learn More Learn More Trading 212 Trading 212 Free dealing and no account fee Learn More Learn More Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting.
This does not affect our editorial independence. Compare the best investing account for you Share or comment on this article: East-West split WON'T lead to a full-blown HSBC break-up, insists boss Georges Elhedery e-mail Add comment Some links in this article may be affiliate links. If you click on them we may earn a small commission.
That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.
More top stories.
