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<ul class="summary-list"><li>HSBC has reportedly asked some managers to reapply for their jobs as part of a cost-cutting restructure.</li><li>Bloomberg reported Monday that hundreds of senior staff will likely lose their jobs.</li></ul><a target="_blank" href="https://www.businessinsider.com/hsbc-office-redevelopment-london-flexible-working-corporate-real-estate-2024-7">HSBC</a> has asked some managers to reapply for their jobs in its newly created corporate and institutional banking division as part of a cost-cutting drive, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-11-18/hsbc-managers-are-competing-to-keep-their-jobs-in-ceo-s-revamp">Bloomberg reported.</a>Citing people familiar with the matter, Bloomberg said that the interview process has already started, involving senior staff from the bank's commercial banking business and others from the global banking and markets unit.The people told Bloomberg that internal recruitment for the merged division would likely result in hundreds of managing directors and other senior bankers losing their jobs over the coming weeks.They added that general manager titles will also be phased out and replaced by managing director titles at HSBC, which has around 221,000 employees worldwide.The plans have not been finalized and could be subject to change, the people said.HSBC declined to comment when approached by Business Insider.The combined division is part of a restructuring plan introduced by new CEO Georges Elhedery in October.The biggest change announced was the simplification of HSBC's structure, creating Eastern and Western arms to manage its global operations.Under the new structure, HSBC's operations in Asia-Pacific and the Middle East will form the "Eastern markets," while its UK, European, and Americas business will be known as the "Western markets."Other changes include the creation of a new international wealth and premier banking unit.The London-listed bank said in October that its third-quarter pre-tax profits rose roughly 10% year over year to $8.5 billion.Elhedery, who was formerly HSBC's CFO and became CEO in September, told analysts in a call after the third-quarter results that cutting senior roles would lower costs."Now, as a result of a simpler, leaner, more efficient bank, there will be cost saves," he said.He previously told staff in October that they should expect job cuts following the announcement of the revamp, <a target="_blank" class="" href="https://www.reuters.com/business/finance/hsbc-ceo-tells-staff-senior-redundancies-inevitable-after-revamp-2024-10-23/">Reuters reported</a> at the time, citing an internal memo."Inevitably some of our colleagues will face redundancies as we streamline duplicative senior roles," Elhedery said.

HSBC reportedly asks middle managers to reapply for jobs as layoffs loom

India's services sector showed robust expansion in October, per the <keyword id="22267674" type="General" weightage="20" keywordseo="HSBC-India-Services-PMI" source="keywords">HSBC India Services PMI</keyword> (Purchasing Managers' Index), which rose to 58.5 last month, up from September's ten-month low of 57.7. October's figures managed to exceed even the long-run PMI average of 54.1, largely on the back of a strong sales pipeline and elevated demand. Employment, or job creation in this sector accelerated to its fastest growth rate in 26 months. Anticipating solid, sustained demand in the near term, firms added new employees at the most rapid pace in over 2 years. October also saw <keyword id="23834175" type="General" weightage="20" keywordseo="input-costs-rise" source="keywords">input costs rise</keyword> at their fastest pace in 3 months, indicating renewed demand and economic activity in the country. The ISM Services PMI, an indicator of the economic health of the US, also exceeded expectations, reaching 56.0 compared to the forecasted 53.8, suggesting strong growth within the services sector. "During October, the Indian services sector experienced strong expansions in output and consumer demand, as well as job creation, which achieved a 26-month high," said Pranjul Bhandari, Chief India Economist at HSBC. The sector saw increased business activity across multiple fronts, with export sales showing significant growth and companies reporting stronger demand from international markets including Africa, Asia, the Americas, the Middle East, and the UK. However, industry experts remain cautiously optimistic about the sector's prospects. Suman Chowdhury, Chief Economist at Acuité Ratings &amp; Research, noted that while the October recovery is promising, several factors warrant careful monitoring. “The recovery in the PMI indices in October 2024 is promising for the second half of the fiscal after the dip in several high-frequency indicators in September 2024. Industrial and service activity has expectedly received a boost from the anticipated spike in consumption demand in Q3 FY25, driven by the festivities and the marriage season," she said. Chowdhury added that it will be crucial to monitor the sustainability of these PMI indices at these elevated levels, given the reported weakness in urban demand in Q2 as flagged by FMCG companies. She also noted that potential increases in wholesale and core retail inflation, combined with higher input costs and wage pressures, could delay expected interest rate cuts. RBI governor Shaktikanta Das also noted that inflation and CPI figures for October might be elevated, pushing ahead any chances of interest rate cuts in the near future. Acuité Ratings &amp; Research maintains its GDP growth forecast at 7.0% for FY25 while acknowledging the multiple downside risks that will require close observation in the coming months.

India's Services Index jumps to 58.5 in October as employment grows the fastest in 26 months

Over three-fourths of wealthy Indians have sent or are planning to send their kids overseas for education, according to an <keyword id="19916458" type="General" weightage="20" keywordseo="hsbc" source="keywords">HSBC</keyword> survey. The survey of 1,456 Indians, having investable surplus between Rs 84 lakh ($100,000) and nearly Rs 17 crore ($2 million), conducted in March found a strong urge for overseas education with 78% of the respondents saying they are keen on a <keyword id="382324" type="General" weightage="100" keywordseo="foreign-education" source="Orion">foreign education</keyword> for their children. Investable survey is the amount set aside for investment from overall net worth. The <keyword id="23129277" type="General" weightage="20" keywordseo="global-quality-of-life" source="keywords">Global Quality of Life</keyword> 2024 survey commissioned by foreign lender HSBC said the <keyword id="19900781" type="General" weightage="20" keywordseo="united-states" source="keywords">United States</keyword> is top overseas destination for Indians, followed by the <keyword id="19956320" type="General" weightage="20" keywordseo="united-kingdom" source="keywords">United Kingdom</keyword>, <keyword id="19896882" type="General" weightage="20" keywordseo="canada" source="keywords">Canada</keyword>. <keyword id="19895799" type="General" weightage="20" keywordseo="australia" source="keywords">Australia</keyword> and <keyword id="19895045" type="General" weightage="20" keywordseo="singapore" source="keywords">Singapore</keyword>. So strong is the urge for foreign education for the child that the parents are willing to suffer financial strains as well, the survey said, pointing out that the investment in education may come at the sacrifice of retirement savings. The expected or actual annual cost of overseas education works out at $62,364, and may use up to 64% of parents' retirement savings. Parents resort to dipping into general savings, taking loans and selling assets to fund the overseas education, the survey said. The quality of overseas education tops the list of primary reason for considering the overseas education, followed closely by the possibility to specialise in an area, the survey said. The survey said that financial concerns are the biggest worry for parents when the kid flies out for education, and followed by others like social or mental concerns and physical or health concerns.

Wealthy Indians send kids overseas for education, says HSBC Survey

<ul class="summary-list"><li>TD Bank shares fell 8% after it pleaded guilty to anti-money-laundering charges and agreed to pay a $3 billion fine.</li><li>The charges involved a scheme by Chinese cartels bribing TD employees at bank branches in New York and New Jersey.</li></ul>Shares of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/td-stock">TD Bank</a> dropped as much as 8% on Thursday after it pleaded guilty and agreed to pay a $3 billion fine stemming from charges over its anti-money-laundering practices.The penalty is the largest ever anti-money-laundering fine imposed on a bank by US officials, eclipsing the nearly $2 billion fine HSBC paid in 2014 for transferring billions of dollars on behalf of Mexican drug cartels.Canada-based TD Bank's US unit also accepted an asset limit set by the Office of the Comptroller of the Currency regarding how big its asset size can grow.The bank cannot grow past its current $370 billion in asset size for as long as the asset cap is in place.This is the first time an asset cap has been levied against a bank since 2018 when Wells Fargo accepted an asset limit due to its fake account-opening scandal."The OCC's coordinated and comprehensive action, including the imposition of an asset cap, will ensure that the bank focuses on building proper controls commensurate with its risk profile," acting Comptroller of the Currency <a target="_blank" class="" href="https://www.occ.gov/news-issuances/news-releases/2024/nr-occ-2024-116.html">Michael Hsu said.</a>The charges stem from an investigation that revealed TD Bank didn't have proper anti-money laundering practices in place.The lack of controls enabled a money laundering scheme to take place by Chinese drug cartels that were linked to fentanyl sales.The Chinese criminal operation involved bribing bank employees at TD branches in New York and New Jersey, allowing hundreds of millions of dollars in fentanyl sales to be laundered.TD Bank's settlement includes the Department of Justice, FinCEN, the Federal Reserve, and the OCC.In a statement in August, TD Bank CEO Bharat Masrani said, "We recognize the seriousness of our U.S. AML program deficiencies and the work required to meet our obligations and responsibilities is of paramount importance to me, our senior leaders, and our boards."Masrani has since said he will retire from the company in April.TD Bank stock has since pared its gains to about 6%, trading at $59.88 at 1:29 p.m. in New York.TD did not immediately respond to a request for comment.

TD Bank falls 8% after it faces $3 billion fine and growth caps over charges of enabling fentanyl-linked money laundering scheme

New Delhi, The services sector growth in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> rose to a six-month high in January as new business expanded at a faster pace amid buoyant demand from domestic and external clients, a monthly survey said on Monday. The seasonally adjusted <keyword id="20073680" type="General" weightage="20" keywordseo="hsbc-india-services" source="keywords">HSBC India Services</keyword> <keyword id="19905748" type="General" weightage="20" keywordseo="pmi" source="keywords">PMI</keyword> Business Activity Index rose to 61.8 in January, up from 59 in December, pointing to the sharpest rate of expansion in six months. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction. The survey is compiled from responses to questionnaires sent to a panel of around 400 service sector companies. "India's services PMI rose to a six-month high in January. New business expanded at a faster pace and managers' expectation for future activity was strong. The new export business index accelerated, signalling that India's services exports remained robust," <keyword id="20412326" type="General" weightage="20" keywordseo="ines-lam" source="keywords">Ines Lam</keyword>, Economist at HSBC, said. New export sales rose at the fastest pace in three months. Monitored firms signalled gains from clients across the globe, including Afghanistan, Australia, Brazil, China, Europe, the UAE and the US. On the prices front, companies noted a further increase in their overall expenses at the start of the 2024 calendar year, with food, labour and freight identified as the key sources of cost pressures. However, with the vast majority of panellists opting to leave their charges unchanged and only 6 per cent hiking them, output prices rose to the least extent in 11 months. According to the survey, business confidence has strengthened further. Besides demand strength, firms expect investment and productivity gains to induce output growth in the year ahead. Meanwhile, the <keyword id="20459348" type="General" weightage="20" keywordseo="hsbc-india-composite" source="keywords">HSBC India Composite</keyword> PMI Output Index rose from 58.5 in December to 61.2, indicating the sharpest upturn since mid-2023. Composite PMI indices are weighted averages of comparable manufacturing and services PMI indices. Weights reflect the relative size of the manufacturing and service sectors according to official GDP data. "January data highlighted a further acceleration in growth of Indian private sector output, amid quicker increases at both goods producers and service providers," the survey said. Service providers led the upturn, although both segments recorded faster rates of expansion in new business, the survey added.

India's Jan services PMI hits 6-month high amid strongest upturn in new business since mid-2023

New Delhi, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s manufacturing sector growth climbed to a four-month high in January as a sharper upturn in new orders boosted output growth amid mild cost inflation, a monthly survey said on Thursday. The seasonally adjusted <keyword id="20059888" type="General" weightage="20" keywordseo="hsbc-india-manufacturing-purchasing-managers" source="keywords">HSBC India Manufacturing Purchasing Managers</keyword>' Index (<keyword id="19905748" type="General" weightage="20" keywordseo="pmi" source="keywords">PMI</keyword>) recovered from an 18-month low of 54.9 in December to 56.5 in January. The latest reading highlighted the strongest improvement in the health of the sector since last September. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction. "India's final manufacturing PMI showed that manufacturing activity accelerated in January. Current output expanded on robust demand, with domestic orders growing at a faster pace than export orders," <keyword id="20412326" type="General" weightage="20" keywordseo="ines-lam" source="keywords">Ines Lam</keyword>, Economist at <keyword id="19916458" type="General" weightage="20" keywordseo="hsbc" source="keywords">HSBC</keyword>, said. Lam further added that "the input price index inched up, but manufacturers were able to pass on some of the cost pressures to consumers, as suggested by the small rise in the output price index." According to the survey, new orders placed with Indian goods producers rose at a sharp pace in January, and one that was the strongest in four months. Growth was reportedly boosted by marketing efforts and demand buoyancy. International sales also expanded at a quicker pace. Goods producers reported stronger demand from clients spread across Africa, Asia, Australia, Europe, the Middle East and the Americas. "Collectively, the rate of expansion in international orders was the fastest since last October," the report said. Goods producers collectively recorded the fastest increase in outstanding business volumes in 15 months, with demand strength reportedly exerting pressure on their capacities. Nevertheless, the vast majority of survey participants opted to keep payroll numbers unchanged in January. Companies scaled up input purchasing and became even more optimistic towards the year-ahead outlook for output. "New product enquiries and diversification, alongside demand strength and publicity, boosted business confidence in January. Panellists were at their most upbeat towards the year-ahead outlook for output in 13 months," the survey said. The HSBC India Manufacturing PMI is compiled by S&amp;P Global from responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers.

India's manufacturing sector growth climbs to 4-month high in Jan on sharper upturn in new orders

New Delhi, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s manufacturing sector growth climbed to a five-month high in February amid a sharper uptick in factory production and sales, supported by both domestic and external demand, a monthly survey said on Friday. The seasonally adjusted <keyword id="19916458" type="General" weightage="20" keywordseo="hsbc" source="keywords">HSBC</keyword> India Manufacturing Purchasing Managers' Index (<keyword id="19905748" type="General" weightage="20" keywordseo="pmi" source="keywords">PMI</keyword>) rose from 56.5 in January to 56.9 in February, pointing to the strongest improvement in the health of the sector since September 2023. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction. According to the survey, production rose at the fastest pace in five months and fuelled the quickest increase in sales since last September and the strongest expansion in new export orders for 21 months. "The HSBC final <keyword id="20786951" type="General" weightage="20" keywordseo="india-manufacturing-pmi" source="keywords">India Manufacturing PMI</keyword> indicates that production growth continued to be strong, supported by both domestic and external demand," said <keyword id="20412326" type="General" weightage="20" keywordseo="ines-lam" source="keywords">Ines Lam</keyword>, Economist at HSBC. Despite the uptick in growth momentum, manufacturing employment in India was little-changed. "Goods producers mentioned that payroll numbers were sufficient for current requirements," the survey said. On the inflation front, purchasing cost inflation retreated to a 43-month low, with selling charges increasing to a lesser extent as a result. The input costs witnessed the slowest rise in over three-and-a-half years. Manufacturing firms' margins improved as input price inflation slipped to the lowest since July 2020, Lam said. Besides robust domestic demand, new export orders rose at the fastest rate in nearly two years, with Australia, Bangladesh, Brazil, Canada, mainland China, Europe, Indonesia, the US and UAE as sources of demand growth. Manufacturing firms scaled up buying levels in response to greater production requirements, sustained increases in sales and to build safety stocks, the survey said. Going ahead, manufacturers have a bullish business outlook amid buoyant demand conditions. February survey data indicated sustained optimism among manufacturers regarding the year-ahead outlook for production. The overall level of confidence was the second highest since December 2022. "Buoyed by robust demand and improving profit margins, manufacturers have an optimistic outlook about future business conditions," Lam added. The HSBC India Manufacturing PMI is compiled by S&amp;P Global from responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers.

India's manufacturing sector growth hits five-month high in Feb on robust demand

New Delhi, The growth rate in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s business activity accelerated to a 7-month high in February driven by a strong demand for both manufacturing and services, according to a private economic survey released on Thursday. <keyword id="19916458" type="General" weightage="20" keywordseo="hsbc" source="keywords">HSBC</keyword>'s flash India Composite Purchasing Managers' Index (<keyword id="19905748" type="General" weightage="20" keywordseo="pmi" source="keywords">PMI</keyword>), compiled by S&amp;P Global, rose to 61.5 this month from 61.2 in January, which is above the 50-mark that separates expansion from contraction for the 31st consecutive month. "The pace of acceleration in the output of India's manufacturers and service providers, combined, was at a 7-month high in February. Encouragingly, new export orders rose sharply, particularly for goods producers," said <keyword id="20045866" type="General" weightage="20" keywordseo="pranjul-bhandari" source="keywords">Pranjul Bhandari</keyword>, chief India economist at HSBC. The manufacturing PMI for February rose to 56.7 from last month's 56.5, its highest since September, and the preliminary services PMI rose to 62.0 from 61.8 in January to reach its highest level in the last 7 months. Overall international orders increased at the fastest pace since September. The survey is in tune with the <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> bulletin released on Tuesday which states that the Indian economy continues to sustain the momentum achieved in the first half of 2023-24 and a fresh round of capital expenditure by the corporate sector is expected to fuel the next leg of growth. Consumer confidence strengthened further in January 2024, driven especially by optimism about the general economic situation and employment conditions, as per the RBI's latest survey of households. Various enterprise surveys also point towards strong business optimism, the RBI bulletin points out. It also states that high frequency indicators point towards sustained strength in demand conditions in the economy during January 2024. E-way bills grew by 13.2 per cent in December 2023. Toll collections expanded by 15.5 per cent year-on-year in January 2024, although they sequentially moderated from a record in the previous month. Automobile sales had registered an expansion of 23.3 per cent year-on-year in January with two wheeler sales recording double digit growth. Retail tractor sales recorded a seven-month high growth at 21.2 per cent year-on-year in January 2024. Vehicle registrations recorded strong year-on-year growth.

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HSBC reportedly asks middle managers to reapply for jobs as layoffs loom

Nora Redmond

India's Services Index jumps to 58.5 in October as employment grows the fastest in 26 months

BI India Bureau

Wealthy Indians send kids overseas for education, says HSBC Survey

PTI

TD Bank falls 8% after it faces $3 billion fine and growth caps over charges of enabling fentanyl-linked money laundering scheme

Matthew Fox

India's Jan services PMI hits 6-month high amid strongest upturn in new business since mid-2023

PTI

India's manufacturing sector growth climbs to 4-month high in Jan on sharper upturn in new orders

PTI

India's manufacturing sector growth hits five-month high in Feb on robust demand

PTI

India's business activity surges to 7-month high in February

IANS

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