HSBC set to report £12.4bn of profits

[TriWooOx]

Quote:HSBC is forecast to announce pre-tax profits of about $20bn (£12.4bn) in its 2010 results on Monday, with Standard Chartered expected to announce a profit of more than $6bn on Wednesday.

The record haul will stand in stark contrast to the relatively muted set of results so far reported by the UK's three other major banks.

Royal Bank of Scotland announced a larger than expected loss of £1.1bn on Thursday, followed on Friday by Lloyds Banking Group, which failed to excite the market despite reporting a £2.2bn profit – its first since the takeover of HBOS in 2008.

Even Barclays profit of £6.1bn proved a disappointment for some, and the relative slowdown in some of its major business lines, particularly Barclays Capital, will be compared to the soaring profits HSBC and Standard Chartered are making in countries such as China.

Stuart Gulliver, the new chief executive of HSBC presenting the bank's results for the first time, will also provide more detail than ever before on how much the bank pays its top staff and is expected to reveal that the top 200-300 employees were paid several hundred million pounds for their work last year.

Standard Chartered will also take a robust line on pay, and while HSBC will confirm that it paid out less in bonuses than it did in 2009 as a part of the Project Merlin compensation and lending deal with the Government.

Standard Chartered, not part of Merlin, is expected to confirm that its bonus pool was larger than the previous year.

The results will be closely watched by investors for what they say about the state of Asia's booming economies as both banks are among the most-established financial groups in the region.

Top-line earnings growth in Asia is forecast to come in at about 8pc at the banks, confirming the region's continued economic buoyancy in contrast to stagnation in developed markets like Europe, which have yet to recover from the financial crisis.

The performance of the banks and the relative decline in the importance of the UK mean Mr Gulliver and Peter Sands, chief executive of Standard Chartered, will again be questioned on their commitment to remaining domiciled in Britain.

Mr Gulliver will personally continue to pay UK taxes, opting to remain domiciled in London, unlike his predecessor Mike Geoghegan, who moved the chief executive's office to Hong Kong in 2009.

http://www.telegraph.co.uk/finance/newsb...ofits.html

[Dunamis]

Wait a minute. Don't the people have shares in some of these banks now, purchased on behalf of the people by the government during the bailout? If so, should some of the bail out money not in essence be getting paid back as dividends increase?

It should be that way, especially when $20billion profits are in one banks pot!

If of course it were the people that received at least most of the benefits of bailing these banks out it would make sense, but it's not that way, at all.

[yeti]

(02-27-2011 07:24 PM)Dunamis Wrote:  Don't the people have shares in some of these banks now, purchased on behalf of the people by the government during the bailout? If so, should some of the bail out money not in essence be getting paid back as dividends increase?

STFU commie! Profits are for the elites, not the people! Understand?

[Dunamis]

(02-27-2011 09:37 PM)yeti Wrote:  STFU commie! Profits are for the elites, not the people! Understand?

Hey you...know your place...



It's utter madness though, right!?!

[yeti]

(02-28-2011 01:45 AM)Dunamis Wrote:  

(02-27-2011 09:37 PM)yeti Wrote:  STFU commie! Profits are for the elites, not the people! Understand?

Hey you...know your place...



It's utter madness though, right!?!

It won't be when Kirk and Spock get here...

[Dunamis]

(02-28-2011 01:54 AM)yeti Wrote:  

(02-28-2011 01:45 AM)Dunamis Wrote:  

(02-27-2011 09:37 PM)yeti Wrote:  STFU commie! Profits are for the elites, not the people! Understand?

Hey you...know your place...



It's utter madness though, right!?!

It won't be when Kirk and Spock get here...

But I thought you were having a hairy guy party tonight with Yogi bear, bigfoot and a bunch of Ewoks. There were even rumours Chewbacca was gonna' bring the head of HSBC, literally, just the head.

Though I wonder if roast banker would taste like roast pork? The greedy pigs!

[yeti]

(02-28-2011 02:05 AM)Dunamis Wrote:  I thought you were having a hairy guy party tonight with Yogi bear, bigfoot and a bunch of Ewoks.

I am having a hairy party tonight, but I'm the only guy - thanks for accusing me of being a homo... rep -2

[Dunamis]

(02-28-2011 02:53 AM)yeti Wrote:  

(02-28-2011 02:05 AM)Dunamis Wrote:  I thought you were having a hairy guy party tonight with Yogi bear, bigfoot and a bunch of Ewoks.

I am having a hairy party tonight, but I'm the only guy - thanks for accusing me of being a homo... rep -2

It's not my fault you only like small female Ewoks. Why that means I am suggesting your gay I don't know

[rsol]

I want to work in a bank. thats it. i can get expenses paid for just everything in my life! a bonus in the millions just for showing up on time and extra cash even if i fuck it up!!! what a job!!!

[yeti]

(02-28-2011 06:27 PM)rsol Wrote:  I want to work in a bank. thats it. i can get expenses paid for just everything in my life! a bonus in the millions just for showing up on time and extra cash even if i fuck it up!!! what a job!!!

I had a girlfriend who worked in a bank for 9 years. She was still making barely above minimum wage, yet had to spend large amounts of her own income buying and maintaining expensive clothes. IOW, she probably would have a higher disposable income working at a McJob. They kept telling her she'd get a better position that made more money...

Eventually she became a "loans officer" but still made a terrible wage, but with more responsibilities. Only the branch managers made decent money, but they were part of an exclusive club who rotated around from branch to branch.

Eventually she quit. Now she's a nurse, and although overworked, couldn't be happier...

[Dunamis]

Exactly yeti, it's much the same for people in this country. Working in a bank is quite different to working for the bank.