Results tagged “Michael Geoghegan”

HSBC has reiterated its commitment to staying in Canary Wharf after revealing a jump in underlying profits last year.

The bank made a pre-tax profit of $13.3billion for 2009, an increase of 56 per cent on the previous year, but its reported profit before tax fell by 24 per cent to $7.1billion due to losses in its American operations.

HSBC chief executive Michael Geoghegan has warned of an exodus of bankers from Britain just days before he himself relocates to Hong Kong.

Mr Geoghegan criticised the Government's handling of the economy and attacked the introduction of the bonus tax, which he feels is doing more harm than good.

HSBC reported another improvement in its trading for 2009 when it published its third quarter update but did not disclose how much its profits are up.

The bank, based in Canada Square, revealed this morning pre-tax profits are "significantly ahead" of where they were for the same period last year.

HSBC will be staying in Canary Wharf, at least for the next three years.

The banking giant decided to retain its London headquarters following a review published just before Christmas.

WHARFERS are feeling the squeeze but fears of a full-blown recession are premature according to one economist.

Although the economy is slowing down, it is not in recession, and nor is it likely to be any time soon, according to Dr Tim Leunig, a leading economic historian at the London School of Economics.