HSBC Holdings PLC (0005.HK)
21 Feb 2018
Tue, Feb 20 2018
LONDON European shares rose on Tuesday thanks to a slew of well-received results, though banks were a weak spot after HSBC reported weaker than expected earnings and said it needed as much as $7 billion of fresh capital.
MILAN A disappointing update from banking heavyweight HSBC and declines in big mining stocks on metal price weakness weighed on the UK's top share index on Tuesday.
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HONG KONG/LONDON HSBC Holdings reported a smaller than expected rise in annual profits and unveiled plans to raise up to $7 billion to bolster its capital, as CEO Stuart Gulliver hands over to a new leadership team on Tuesday. | Video
HONG KONG/LONDON HSBC Holdings reported a smaller than expected rise in annual profits and unveiled plans to raise up to $7 billion (5 billion pounds) to bolster its capital, as CEO Stuart Gulliver hands over to a new leadership team on Tuesday. | Video
LONDON (Reuters Breakingviews) - Stuart Gulliver claims to have left behind a “simpler, stronger” bank than the one he took charge of in January 2011. The departing HSBC chief executive is mostly right. He has shrunk the Asia-focused lender’s geographical footprint and boosted its common equity Tier 1 capital ratio to a hefty 14.5 percent. Though return on equity fell short of Gulliver’s target last year, following winds should help his successor clear that hurdle.
LONDON HSBC has awarded departing Chief Executive Stuart Gulliver a 6.1 million pounds ($8.51 million) pay package for his final year in charge, teeing up a possible clash with investors who have challenged the lender's largesse for years.
* Shares fall 4.4 percent (Adds investor reaction, share update, CEO quote)
MILAN, Feb 20 The UK's top share index inched lower on Tuesday, weighed down by a disappointing update from banking heavyweight HSBC and declines in big mining stocks on metal price weakness.
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