Thousands Of HSBC Britain Customers Left Stranded By Online Banking Outage: Report
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 28 2024
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Should l Buy HSBC?
Source: Benzinga
- HSBC Online Banking Outage: Thousands of HSBC customers in Britain faced difficulties accessing online banking services due to an outage impacting the website and app.
- Reason for Outage: HSBC did not provide a reason for the outage but apologized for the inconvenience caused to customers.
- Customer Impact: Over 7,000 customers reported issues with accessing money or paying bills during the outage.
- Online Banking Disruptions: Online banking disruptions have been a recurring issue for British banks, influenced by the shift towards online banking to reduce fixed costs.
- Recent Business Activities: HSBC Bank (China) acquired Citigroup Inc.'s retail wealth management portfolio in mainland China; HSBC Holdings stock gained 12% in the last 12 months.
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Analyst Views on HSBC
About HSBC
HSBC Holdings plc (HSBC) is a banking and financial services company. Its business segments include Hong Kong, UK, Corporate and Institutional Banking (CIB), and International Wealth and Premier Banking (IWPB). Its Hong Kong business comprises retail banking and wealth and commercial banking of HSBC Hong Kong and Hang Seng Bank. Its UK business comprises UK retail banking and wealth (including first direct and M&S Bank) and UK commercial banking, including HSBC Innovation Bank. The CIB segment is formed from the integration of its commercial banking business (outside the UK and Hong Kong) with its global banking and markets business. The IWPB segment comprises premier banking outside of Hong Kong and the UK, its global private bank, and its asset management, insurance and investment distribution businesses. Its customers worldwide through a network covering 58 countries and territories. Its customers range from individual savers and investors to companies, governments and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Vanguard ETF Advantages: The Vanguard FTSE Europe ETF boasts an expense ratio of just 0.06%, significantly lower than the average 0.81% for similar funds, providing investors with a cost-effective avenue for European stock exposure, thereby enhancing its market competitiveness.
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- Industry Opposition: The Association for Financial Markets in Europe argues that a blanket reduction in capital requirements fails to reflect the systemic risks posed by large investment firms, emphasizing that market risk standards should be calibrated to a firm's activities and systemic footprint rather than its legal form or the presence of retail deposits.
- Policy Advocacy: UK Chancellor Rachel Reeves is urging financial regulators to implement policies that foster growth, indicating government support for financial market reforms that could influence future regulatory directions.
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- Regulatory Sandbox Testing: The Treasury plans to issue the digital bonds within a regulatory sandbox overseen by the UK Financial Conduct Authority, aiming to assess technical and legal risks in preparation for future market rollout.
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See More
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- Market Overvaluation Risk: The S&P 500 is currently trading at around 30 times earnings, indicating a historically high valuation that may weaken investor confidence in U.S. stocks, thereby driving capital towards overseas markets.
- Tech Stock Dominance Issue: The gains in the U.S. market have been primarily driven by a handful of mega-cap tech stocks like Nvidia, Microsoft, and Apple, and if these stocks falter, it could trigger a broader market decline, prompting investors to seek more diversified investment options.
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