One of the best business bank accounts in the UK recently announced that its third quarter profits were much improved, including shrinking debt, over its 2009 figures.
UK banking giant HSBC declined to provide any hard figures in its statement but instead issued cautionary remarks as to the extended nature of the current global recovery cycle as it has been more lengthy than previous ones.
Currently Europe’s largest bank, HSBC additionally made its concerns known regarding the newest regulatory measures to which the banking industry will soon be subject.
The banking giant expressed confidence in its ability to comply with the newly formulated Basel III regulations, it also felt the new rules may be needlessly restrictive and prove a hindrance to the ability of banks to provide business loans.
Also speculation in previous months that the British financial services provider was debating a relocation of its UK headquarters to gain some relief from regulations that had been deemed too stringent, but HSBC categorically denied any plans to move at the time.
In related news, HSBC has also recently announced several changes to its executive board.
Michael Geoghegan, the bank’s current chief executive, will be succeeded by Stuart Gulliver. Mr Gulliver is currently the chief of investment banking for HSBC.
Finance director for the banking group, Mr Douglas Flint, will step into the role of chairman that Stephen Green is vacating. Mr Green is leaving HSBC to accept a trade minister posting that the Coalition government has offered him.
In another move, Sandy Flockhart will move from being chief executive of HSBC Asia to take on chairperson duties for the financial group’s bank division, based in the UK.
In comparison, 84 per cent nationalised Royal Bank of Scotland recently announced it has suffered a £1.4 billion profit loss before taxes for the third quarter.