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HSBC To Eliminate As Many As 300 UK Commercial Banking Jobs

PYMNTS

HSBC will be restructuring its commercial banking business in Britain which will result in 300 job cuts, according to Reuters. The cuts come as part of Europe's largest bank's larger restructuring effort from earlier this year, with HSBC looking to cut costs worldwide as the ability to boost revenues becomes more difficult.

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Support measures to shield Thai, Indonesian and Philippine banks from asset risks rising on virus surge

Future CFO

Support measures for borrowers will limit the asset quality decline in Thailand, Indonesia, and the Philippines and banks in these countries have sufficient capital and provisions to absorb losses, though the resurgence of coronavirus cases will hinder their economic recovery and raise asset risks for banks , said Moody’s recently.

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European Lenders Announce 60K Job Cuts

PYMNTS

European banks have been forced to slash more than 60,000 jobs as they face falling profitability, The Financial Times reported on Saturday (Dec. France, Spain and Switzerland have suffered due to Brexit, slowing economic growth, increasing regulations and the European Central Bank’s negative interest rates.

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Budgeting tips for resilient organisations??

CFO Talks

Resiliency is the foundation for all business models, says Christian Klein, CEO of SAP, in an article published by The World Economic Forum. As businesspeople, this offers us an opportunity: an opportunity to rethink our business models so that resiliency, profitability, and sustainability are not mutually exclusive.”.

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Closed Theme Parks Sink Disney Earnings; Q3 Could Be Worse

PYMNTS

The company reported the second-quarter profit of its fiscal year at $460 million, or 26 cents a share, on sales of $18.01 After adjusting for restructuring charges and other effects, Disney reported earnings of 60 cents a share, down from $1.61 billion, up from $14.9 billion in 2019. a share a year ago.

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Wells Fargo Sees Some Credit And Debit Card Gains Amid Generally Bad Q3

PYMNTS

As we look forward, the trajectory of the economic recovery remains unclear as the negative impact of COVID continues and further fiscal stimulus is uncertain,” CEO Charles Scharf told investors on the company’s earnings call. But the silver lining to that figure is that the loan-loss provision is down from $9.5 billion in Q2.

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HSBC’s Digital SMB Banking Platform Launches In Beta

PYMNTS

Reuters noted that McIntyre remains confident in Kinetic’s ability to gain traction, even amid economic uncertainty in the U.K. Late last month, HSBC posted an 18 percent loss in pre-tax profits for the third quarter of 2019, with the bank’s CFO Ewen Stevenson also announcing restructuring plans in the U.K.

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