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Holmes Chan

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Articles

HSBC says chief executive Noel Quinn 'to retire'

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By Holmes Chan Verified
| Robo Daily
Banking giant HSBC said Tuesday that chief executive Noel Quinn would retire after overseeing a "successful transformation" of the firm and record profits during almost five years in charge. The surprise news came as the lender reported that pre-tax profits in the first quarter fell by $200 million to $12.7 billion, while announcing a share buy-back. "During his tenure, HSBC has delivered record profits and the strongest returns in over a decade," it announced in a Hong Kong stock exchange filing.
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HSBC targets $1.5 bn in annual cost savings after revamp

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By Holmes Chan Verified
| Robo Daily
Banking giant HSBC said Wednesday that CEO Georges Elhedery's plan since October to simplify the company's structure and geographic setup will yield $1.5 billion in annual cost savings by the end of 2026. Elhedery's plan for a "simpler, more dynamic, and agile organisation" has shaken up Europe's largest bank, whose shares in Hong Kong have rallied to an 11-year high.
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Hong Kong's economic growth slows to 2.5% in 2024

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By Holmes Chan Verified
| Robo Daily
Hong Kong's economic growth slowed to 2.5 percent in 2024 as residents increasingly look to spend elsewhere, the city's government said on Monday, warning that the year ahead will bring "heightened uncertainties". The Chinese financial hub saw a post-pandemic rebound in 2023 after the city reopened to international business and travel but lost some momentum as China's economic slowdown deepened.
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