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.

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.

Interim dividend exchange rates

US$0.09 per share;

approximately HK$0.697500 per share; or

approximately GBP0.056042 per share.

COMPLETION OF SALE OF CENTRAL AMERICAN BANKING OPERATIONS

*** Businesses sold for a consideration of US$0.8bn ***


On 24 January 2012, HSBC Bank (Panama) S.A., an indirect, wholly owned subsidiary of HSBC Holdings plc ("HSBC"), announced that it had entered into an agreement to sell the whole of its banking operations in Costa Rica, El Salvador and Honduras to Banco Davivienda S.A., a Colombian-listed banking group (the "Disposals")

The Disposals, which have received all regulatory and other approvals, have now been completed.

HSBC announces settlements with authorities

HSBC has reached agreement with United States authorities in relation to investigations regarding inadequate compliance with anti-money laundering and sanctions laws. This includes a Deferred Prosecution Agreement (DPA) with the US Department of Justice. HSBC has also reached agreement to achieve a global resolution with all other US government agencies that have investigated HSBC's past conduct related to these issues1 and anticipates finalising an undertaking with the United Kingdom Financial Services Authority shortly.

Under these agreements, HSBC will make payments totaling US$1.921bn, continue to cooperate fully with regulatory and law enforcement authorities, and take further action to strengthen its compliance policies and procedures.

Just over a Billion quid in real money then eh? Wonder if thats the end of it though with this lot?

Who knows with the bloody yanks - I reckon it will end the day blue (or red).

Yes, If thats the end I agree.. But? Perhaps let things die down a bit I suppose.

Harry, I've held these several times this year - and currently hold from 567.

All depennds on whether they have closed down their chinese laundry!

The SP. is actually holding up so far today, Now that the uncertainty has diminished.

Looking like a blue finish - 12 month high is 647.20p

I hope so.

HSBC Bank Malaysia pre-tax profits up 18.6%

StockMarketWire.com

HSBC Bank Malaysia's pre-tax profits for the nine months to the end of September rose by 18.6% to MYR1,193m.

Operating income grew to MYR2,267m - an increase of MYR187m or 9.0% - due to higher income from Islamic banking operations of MYR425m, an increase of MYR113m or 36.3% and higher net interest income of MYR958m, an increase of MYR80m or 9.2%.

Loan impairment charges and other credit risk provisions increased marginally by MYR6m or 3.3% while the cost efficiency ratio improved to 39.7% from 43.3%.

Total assets stood at MYR77.6bn - down from MYR79.9bn at 31 December but up from MYR73.0bn a year ago.

Core capital ratio and risk-weighted capital ratio remain strong at 9.4% and 12.9% respectively at 30 September 2012, higher than the 9.1% and 12.7% reported at 31 December 2011.