Results tagged “Stuart Gulliver”

HSBC has again hinted it may quit the UK after claiming tighter regulation could cost $2.5billion a year.

The Canary Wharf-based bank announced a 36 per cent fall in its third quarter profits this morning, largely due to its exposure to the Eurozone debt crisis and a rise of $1million in US bad debts.

HSBC is to delay its decision on a potential move out of Canary Wharf until next year.

The bank has been hinting that it could move its global headquarters from the UK because of the likely imposition of tougher legislation when the Independent Commission on Banking publishes its report in September.

May 11 will be a red letter day in the life of HSBC as new chief executive sets out his strategy for the future of the bank.

Uppermost in the minds of HSBC's Canary Wharf workforce - where the strategy will be outlined - is be the impact on the retail arm of the bank.

Major changes have been announced at HSBC this afternoon.

Chief executive Michael Geoghegan is stepping down after four years in the post, with Stuart Gulliver taking over the job. Meanwhile, finance director Douglas Flint will become the bank's new chairman, replacing Stephen Green.

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.