HSBC, StanChart Tumble After Regulators Push to Axe Payouts

(Bloomberg) — The British banking regulator pressed firms including HSBC Holdings Plc to scrap dividends and cash payouts for its top staff as the coronavirus pandemic upends the industry.HSBC and Standard Chartered Plc shares tumbled after they and Royal Bank of Scotland Group Plc, Barclays Plc and Lloyds Banking Group Plc canceled outstanding dividends and buybacks and said there would be no payments in 2020.The move comes as the Prudential Regulation Authority wrote to lenders asking them to cancel payments, adding that it “expects banks not to pay any cash bonuses to senior staff, including all material risk takers.” The …read more

Source:: Yahoo Finance


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