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HSBC HOLDINGS Leaps 2.5% in Early Session, Logging Historical High After Ex-Div. Date
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The Fed recently decided to cut interest rates by 0.25%, as expected, but Hong Kong banks did not follow by reducing their prime rates. HSBC HOLDINGS (00005.HK) jumped up approx. 2.5% to $116.8 in the early session today (12th), with a trading volume of 7.5 million shares, involving $874 million, logging a new historical high after ex-dividend date. HSBC HOLDINGS' CEO, Georges Elhedery, recently stated in a media interview that, before he reorganized the bank 15 months ago, many senior executives did not take full responsibility for their respective business areas. After taking over HSBC HOLDINGS, Elhedery nearly halved the size of the operating committee, and eliminated co-management positions, which he believed allowed executives to evade decision-making responsibilities. More work is needed to make HSBC HOLDINGS a more streamlined bank, Elhedery added. He also continued to drive HSBC HOLDINGS' transformation, including cutting thousands of jobs, closing several businesses and merging other businesses. AASTOCKS Financial News Website: www.aastocks.com |
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