Headquartered in London, HSBC is one of the largest banking and financial services organisations in the world. HSBCs international network comprises over 9,800 offices in 77 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. Companby has listings on the London, Hong Kong, New York, Paris and Bermuda stock exchanges. Through an international network linked by advanced technology, including a rapidly growing e-commerce capability, HSBC provides a comprehensive range of financial services: personal financial services; commercial banking; corporate, investment banking and markets; private banking; and other activities.

            Red = 25 day moving average.           Green = 200 day moving average.

HSBC sells Property Vision Holdings to management

HSBC Private Bank (UK) Limited, a wholly owned subsidiary of HSBC Holdings plc, has agreed to sell 100% of Property Vision Holdings Limited to PV Acquisition Limited, a company set up by members of Property Vision's current management team.

Property Vision, acquired by HSBC Private Bank (UK) Limited in 2001, specialises in finding UK property and providing advice on purchasing property to private clients. At 30 June 2012, the business had gross assets of US$7.2m.

New 12 month high 591.30p

New 12 month high again (so far) today @594.2p

very steady move. What is the target?

A break and hold above £6 would be a start.

Well there is the break!

thank you.

Closed above £6 (just). 12 month high is 603.70p

New 12 month high today @612.3

Toying with 620 - new 12 month high @620.30p

12 month high today @625.5p

Tahe your pick :-

HSBC profits to gain from cuts to bad debts, costs

LONDON | Mon Nov 5, 2012 12:11am GMT

(Reuters) - HSBC Holdings (HSBA.L) is expected to report a jump in quarterly profits on Monday as lower losses from bad debts and a cost-cutting plan outweigh mis-selling charges and the impact of tough economic conditions across the world.

Europe's biggest bank will be the last of Britain's major lenders to report and all are facing intense scrutiny on how far they are streamlining operations, the impact of tougher regulations, and their standards as they get hit with fines and compensation charges for past misconduct.

Or

HSBC Hit By £500m Money Laundering Charge

HSBC will tomorrow prolong the latest wave of financial penalties for Britain's banks by setting aside hundreds of millions of pounds more to cover settlements for breaching anti money-laundering rules.

I have learned that HSBC will raise the likely bill for fines from US authorities to as much as $1.5bn (£935m) in its third-quarter results, a move that will underline the growing seriousness of the probes into the conduct of one of Britain's biggest lenders.

The revised estimate will mean HSBC allocating $800m (£500m) to potential penalties in its accounts for the three months to the end of September following a $700m (£437m) hit disclosed in its half-year results in July, analysts say.

The expected fines relate to inadvertent breaches by HSBC of anti-money laundering procedures in its Mexican operations which are now under investigation by a string of powerful US watchdogs.

Interim Management Statement

Highlights

· Reported profit before tax ('PBT') of US$3.5bn in the third quarter ('3Q12') was down US$3.7bn on 3Q11, with US$5.8bn relating to adverse movements on the fair value of our own debt; underlying PBT* was US$5.0bn for 3Q12, up 125% on 3Q11.

· Reported PBT in the nine months ended 30 September 2012 ('the nine months') of US$16.2bn was down US$2.4bn on the same period in 2011, of which US$7.9bn related to adverse movements on the fair value of our own debt. This was partially offset by higher gains on business disposals of US$4.4bn. Underlying PBT for the nine months was US$14.9bn, up 21% on 2011.

· The main factors driving the improvement in underlying PBT for 3Q12 and the nine months were increased revenues** in Global Banking and Markets ('GB&M') and Commercial Banking ('CMB'), and lower loan impairment charges, notably in North America.

· Reported operating expenses for 3Q12 were 4% higher than in 3Q11. Underlying operating expenses for 3Q12 were 16% higher than in 3Q11, primarily reflecting the impact of notable items, increased investment in regulatory and compliance infrastructure in the US and higher litigation costs. Excluding these factors, operating costs were marginally higher than in 3Q11, reflecting additional expenses primarily associated with the execution of our strategy.

· The reported cost efficiency ratio for 3Q12 deteriorated to 70.6% from 49.5% in 3Q11, but improved from 65.8% to 63.7% on an underlying basis as a result of the underlying revenue growth. The ratios were affected by US$0.3bn and US$1.2bn of notable cost items and by US$1.3bn adverse and US$0.1bn favourable notable revenue items in 3Q11 and 3Q12, respectively.

· We continued to make good progress in all areas of strategy, including generating sustainable cost savings of US$0.5bn in the quarter, which took our total annualised savings to US$3.1bn, and we now expect to exceed our target range of US$2.5bn to US$3.5bn by the end of 2013. We have increased investment in our target markets and in enhancing our processes and technology capabilities. We announced eight transactions to dispose of or close businesses since 30 June 2012, making a total of 41 since the start of 2011.

· The third quarter results include an additional provision of US$800m in relation to the ongoing US anti-money laundering, Bank Secrecy Act and Office of Foreign Assets Control investigations. We are actively engaged in discussions with US authorities to try to reach a resolution, but there is not yet an agreement. The US authorities have substantial discretion in deciding exactly how to resolve this matter. Indeed, the final amount of the financial penalties could be higher, possibly significantly higher, than the amount accrued. (More detail is provided on page 9). We have also made UK customer redress provisions of US$353m, mainly in respect of Payment Protection Insurance.

· The core tier 1 capital ratio was 11.7% at 30 September 2012.



* The difference between reported and underlying results is explained and reconciled on page 5.

** Revenue is defined as net operating income before loan impairment charges and other credit risk provisions.

skinny are they running a bank or a chinese laundry?

halifax - maybe the latter!

More Jimmy Carrs?

HMRC probing HSBC Jersey accounts - report

LONDON | Fri Nov 9, 2012 12:32am GMT

(Reuters) - HM Revenue and Customs (HMRC) are examining details of more than 4,000 British clients of HSBC in Jersey after a whistle-blower handed them a list of names, addresses and account balances this week, the Daily Telegraph reported in its Friday edition.

HMRC is now combing through the list to establish whether some clients used the offshore bank accounts to avoid paying British taxes, the newspaper wrote.

The list identifies 4,388 British-based people holding 699 million pounds in current accounts and includes celebrities, bankers, doctors, mining and oil executives and oil workers, the Telegraph wrote. The list also includes about 4,000 account holders with addresses outside Britain.

All we need now is a whistle-blower in the HM Revenue and Customs (HMRC) to release the names.

12 month high - 633.4p

These are looking strong - high @640.9p

HSBC to start selling £25bn of toxic US debt

HSBC is preparing its first sale of sub-prime loans since the height of the financial crash, as Britain's largest bank begins to off-load more than $40bn (£25bn) of toxic US debt it still holds on its books.

The bank is planning to sell four sub-prime loan portfolios worth a total of $2.7bn in the next year, with hedge funds already expressing an interest. The disposals will mark the first time HSBC has sold any of its holding of sub-prime debt since the collapse of Lehman Brothers in September 2008 and is intended to kick off the sale of the $44.2bn of toxic debt still held by the bank.

Senior Management Appointments

HSBC Holdings plc announces that Paul Thurston will retire as a Group Managing Director and Chief Executive of Retail Banking and Wealth Management (RBWM), after a distinguished 37-year career with the HSBC Group, on 31 December 2012.

John Flint is appointed a Group Managing Director and will succeed Thurston as Chief Executive of RBWM, one of HSBC's four global businesses, with effect from 1 January 2013. Guilherme Lima will succeed Flint as Group Head of Strategy and Planning and Chief of Staff to the Group Chief Executive.

Separately, Antonio Losada (57), Chief Executive of Latin America and the Caribbean since 1 February 2012, has been appointed a Group Managing Director with effect from 1 December 2012. Losada has been with the HSBC Group since 1973 and has served in Brazil and as CEO of Argentina.