It seems that the widening uncertainty in global markets has struck the investment banking sector big time, as it has been revealed that HSBC Holdings PLC has met with huge revenue loss in the third quarter. In addition, there was major loss in the US market also as bad loans soared. It was told that the bad loans moved up by 24% to $3.89 billion.

One of the leading European banks, HSBC has announced to cut back its retail banking operations in some countries in order to focus on profitability. The bank will limit its retail operations to most profitable countries only.
 

The US banking giant HSBC has announced that it is involved in talks to buy a controlling stake of 70% of the fourth largest bank of South Africa, Nedbank.

A partnership contract for five years has been agreed upon by the HSBC Middle East regarding the rights of advertisement at the Sharjah International airport and the Dubai International airport.

HSBC has confirmed that these promotion rights to the airbridges encompass the largest airbridge promotion in the Middle East apart from being the major single media venture of HSBC in this section.

Three big banks- Citigroup Inc, HSBC Holdings Plc and CIMB Group Holdings Bhd, have announced that they will be investing in yuan bonds. This decision comes after China decided to open up its inter bank debt market.

The Shanghai-based CEO of Citigroup, Andrew Au said that the Chinese unit of the US bank is now in the process of making papers that are required to invest in the market from outside.

Leading Bank HSBC is facing problems with its unions as they are demanding changes to the contracts of its branch managers. HSBC has reported doubled profits for the first half of this year of 7.2 billion euros and then suddenly faced this dispute.

HSBC has said it wants its 1500 branch staff to change their working patterns as the firm wants to open another 170 branches on Saturday and also wants to extend the working hours on other 80 branches.