HSBC has sharply cut its forecast for China’s retail sales growth in 2026, citing weak consumer confidence, a prolonged property market slump, and slowing domestic demand. The downgrade adds to concerns over the health of the world’s second-largest economy, which has struggled to regain momentum despite multiple stimulus measures from Beijing.


HSBC Halves China's 2026 Retail Sales Forecast | China's Growth Story Hits a Wall

HSBC will divide its operations into eastern and western markets as part of a significant shake-up under its new chief executive, Georges Elhedery. This step will help the bank cut costs and navigate rising geopolitical tensions between China and the West as detailed in a report by The Guardian.

HSBC splits operations into east and west divisions in a significant overhaul

The financial services sector is currently experiencing a wave of enthusiasm surrounding artificial intelligence (AI), but not all industry leaders are convinced of its claimed successes.

HSBC executive highlights overstated AI success narratives in finance sector

Major banks in the United Kingdom (UK) including HSBC, Nationwide, and Barclays suffered outages to their online banking services on Friday (June 28). Thousands of customers were hit by payment problems, a report by BBC said.

Payment issues that affected major banks in UK are fixed

HSBC finalised the transfer of ownership of its Russian unit to Expobank for an undisclosed price, the two banks announced on Wednesday, ending nearly two years of discussions and uncertainty.

HSBC completes transfer of Russian unit to Expobank amid ongoing sanctions

HSBC Holdings Plc's Chief Executive Officer Noel Quinn has announced his resignation, prompting the bank to initiate a search for his replacement. As reported by Bloomberg, the decision comes as the HSBC board commences a formal process to identify potential successors, considering both internal and external candidates.

HSBC CEO Noel Quinn steps down abruptly; bank commences search for successor

2024 has largely defied economists' expectations. The world's largest economy has avoided a recession and is quite robust to gain momentum once the US Fed starts cutting interest rates. HSBC suggests investors rebalance their portfolios to capitalise on the economic shift. So, what are the opportunities and risks ahead in the markets? Our report tells us more.

HSBC sees strong growth in India & South-East Asia

In a financial twist, India has become the unexpected star in HSBC's profit galaxy, surpassing China and securing its position as the third-largest profitable region for the Hong Kong and Shanghai Banking Corp Ltd (HSBC) in 2023.

India surpasses China, emerges as HSBC's third-largest profit hub in 2023

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Intel unveils ambitious plans to overtake TSMC with advanced chip manufacturing technologies At a technology conference in San Jose, California, Intel announced its ambitious plans to regain dominance in the semiconductor industry by surpassing its main competitor, Taiwan Semiconductor Manufacturing Co (TSMC).

WION Business Wrap | Intel’s plan to overtake TSMC, Struggles of US natural gas producers and more

HSBC on Friday wins battle by defeating a plan that attempted to divide the bank in an effort to increase profits. The plan was supported by its largest shareholder, the Chinese insurer Ping An who has been trying for over a year to split the bank.

HSBC shareholders reject Chinese insurer Ping An's split proposal at annual meet

HSBC has released a statement saying it is set to buy the United Kingdom arm of Silicon Valley Bank for £1. The move secures the deposits of over 3,000 SVB UK customers with deposits of more than $US8.1 billion. SVB UK has loans of around $US6.7 billion.

HSBC acquires the UK arm of Silicon Valley Bank | WION Dispatch

HSBC Holdings on Monday said that it is acquiring the UK arm of the collapsed Silicon Valley Bank (SVB) for one pound through a private sale that was brokered by the Bank of England and the British government.

Silicon Valley Bank: HSBC to acquire lender's UK arm for one pound

A parliamentary inquiry in the United Kingdom found London-headquartered HSBC Bank complicit in human rights abuses against the residents of Hong Kong. The multinational financial services company was accused of aligning with the Chinese authorities.

HSBC denied pension to Hong Kong citizens who fled crackdown, finds UK parliamentary probe

HSBC is one of the largest banking and financial services institutions in the world that serves millions of customers across the globe. Now, it has updated its climate policy in a step towards a greener future.

WION Climate Tracker | HSBC updates its climate policy in a step towards a greener future

HSBC will close 114 more branches in the UK from April 2023. This move comes after their customers have fallen significantly since the pandemic. Bank claims that they would try to redeploy affected staff but about 100 will lose their jobs.

World Business Watch | HSBC to close 114 UK bank branches from April 2023

HSBC has agreed to sell its business in Canada to the Royal Bank of Canada for $10 billion – a deal that has the potential to make RBC one of the leading players in the banking market.

HSBC agrees to sell its business in Canada to Royal Bank of Canada for $10 billion

HSBC made a surprise move and named Georges Elhedery as its new chief financial officer (CFO) on Tuesday. The former head of the investment bank is now in the pole position to eventually succeed Noel Quinn as CEO.

HSBC appoints former investment bank head Georges Elhedery as CFO, potential CEO-in-waiting

The UK regulator accused the HSBC bank of “greenwashing” after it ran advertisements, claiming to be working on tackling climate change. The regulator said that the bank deliberately omitted its involvement in fossil fuel projects and links to deforestation.

UK regulator accuses HSBC of ‘greenwashing’ over its misleading ads

HSBC is one of the largest banking and financial services institutions in the world and serves millions of customers around the world. However, in the latest, the bank has suffered a fresh blow to its green credentials. This comes after the UK watchdog banned a series of misleading advertisements by the bank.

WION Climate Tracker | COP26: UK watchdog bans HSBC climate ads

The Hong Kong-Shanghai Bank Corporation, commonly known as HSBC gets a big relief in the United States where the federal reserves have finally closed enforcement actions against the bank.

HSBC gets relief from a decade long case, accused of having a preferred system for drug cartels

Globalization was the foundation of the East-meets-West business strategy of HSBC Holdings. Now, opposing interests are driving a movement to dismantle it. The concept to separate HSBC's Asian and Western divisions was proposed by the company's largest shareholder, Ping An Insurance Group, but it has received backing from Hong Kong-based private shareholders.

HSBC's breakup reflects flaws in the world economy

HSBC took pride in being the world's local bank at one point of time but in reality it may get more localized if the proposal for bank to restructure itself and breaking up its business goes through.

HSBC's Breakup: Cites costs, risks in opposing calls to break up

HSBC management opposes idea of splitting bank, support for proposed split widens

HSBC's Breakup Debate: Cites costs, risks in opposing calls to break up

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