Tag: HSBC

Silicon Valley Bank crisis averted

Posted on March 14, 2023 by - News

The UK has seen off a crisis after the HSBC bank bought Silicon Valley Bank for a pound.

SVB used by thousands of tech start-ups, including many smaller vendors was shut down on Friday and many tech firms who bank with SVB feared they could go bust.

US regulators agreed a plan to protect customer deposits on Sunday, while in Blighty it was  announced that HSBC is buying SVB’s UK arm.

HSBC CEO Noel Quinn stressed that SVB’s UK customers would be able to bank as usual with deposits safe.

Channel parterns said that the Bank of England and HM Treasury deserve significant credit for the private sale of SVB UK to HSBC and made sure that deposits were secured with no cost to the taxpayer.

The UK budget is delivered on Wednesday. Last week Rishi Sunak was in the press regarding making the UK a ‘tech superpower’, so many UK SVB customers not being able to process payroll would not have been a good look.

Miss Group scores HSBC UK cash

Posted on October 24, 2019 by - News

Manchester-based web hosting business, Miss Group, has secured an increased £20 million debt funding commitment from HSBC UK to support its ambitious international growth strategy.

Miss Group has completed four acquisitions this year and alongside strong organic revenue growth, has increased revenues by 200 percent in the first nine months of 2019, it said.

HSBC staff face more cold steel

Posted on March 18, 2013 by - News

axeHSBC is once again grinding its axe ready to chop yet more jobs.

According to the Financial Times, the bank will push ahead with a second round of cuts in a bid to keep to its strategic overhaul plans, expected to be outlined to investors in a few months.

The new job cuts come after Stuart Gulliver, HSBC’s chief executive, to promise that he “fixate on costs” over the coming year. Within this he said he would find a further $1 billion of annual savings in 2013, which it seems is coming from the job front.

Although there is no set amount of jobs that are on the line, it is predicted that around 5,000 staff could be issued with P45s.

This is on top of slashes over the past two years, which have seen staff headcounts drop from 302,000 to 260,000.

And there’s bad news on the horizon for HSBC’s IT workforce with rumours that Gulliver could go ahead with plans to replace the bank’s in-house software and development.

The number of staff working in that area is already estimated to have been dropped from 27,000 to about 21,000. However, there may be more cuts here if outsourcing IT is decided.