Stuart Gulliver News
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Hong Kong’s central bank extended its investigation of possible misconduct in setting the city’s benchmark interest rates to HSBC Holdings Plc and other lenders after crackdowns by the U.S., U.K., Japan and Singapore.
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HSBC Holdings Plc received an approach from a unit of Safra Group to buy the Monaco private bank the Safra family once owned, and is also considering selling parts of its Swiss private bank, three people with knowledge of the situation said.
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HSBC Holdings Plc, Europe’s largest bank, is reviewing its 98.94 percent stake in PT Bank Ekonomi Raharja, an Indonesian lender focused on small- and medium-sized enterprises, after a four-year investment.
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HSBC Holdings Plc, Europe’s largest bank, forecast that the euro region will prove to be a drag on revenue growth without threatening an explosion in bad debts.
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Britain’s four biggest banks will have eliminated about 189,000 jobs by the end of this year from their peak staffing levels, bringing employment to a nine-year low amid a dearth of revenue. More cuts may follow.
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HSBC Holdings Plc, Europe’s largest bank, will eliminate as many as 14,000 more jobs as Chief Executive Officer Stuart Gulliver set out plans to cut an additional $3 billion of costs as he tries to revive profitability.
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HSBC Holdings Plc, Europe’s largest bank, posted a bigger-than-estimated increase in first-quarter profit after provisions for bad loans shrank, stirring speculation the lender may step up its cost-reduction targets.
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As the credit crisis mounted in 2008, Stuart Gulliver moved from his executive office on the 42nd story of HSBC Holdings Plc ’s London office to the trading floor on the fourth so he could oversee his employees directly.
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HSBC Holdings Plc Chief Executive Officer Stuart Gulliver received a 1.95 million-pound ($2.9 million) bonus for 2012 even after the British lender paid a record fine for breaking anti-money laundering rules.
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Job vacancies at London’s financial- services companies fell 22 percent last month as a weak economy curbed hiring, according to a recruitment firm’s survey.
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