Banks need a radical overhaul to boost profitability against the backdrop of tougher new rules and a grim economy - and they expect their customers to share some of the pain.

That is the view of bank

India's annual economic growth probably held steady in the January-March quarter at 6.1 per cent and the global economic slowdown, government policy paralysis and a record low currency suggest little

Chinese manufacturing contracted in May for the seventh consecutive month as exports deteriorated, British banking giant HSBC said Thursday, arguing the data showed the need for more policy easing.

H

Standard Chartered said it expected to grow income by 10 per cent or more in 2012 even though growth dipped below that pace in the first quarter due to weakness in India and the strength of the U.S. d

China's factories stabilised in April as output ticked higher, new business rose from multi-month lows and export orders perked up, though not sufficiently for a private sector survey of purchasing ma

Asian markets were mostly lower on Monday despite figures from HSBC that it said could dampen fears of a slowdown in the world's number two economy and as investors awaited key events this week.

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HSBC, Europe's largest bank, appointed company veteran Stuart Milne to head its Indian operations as chief executive officer, the London-listed bank said.

Milne, who was most recently its country man

The Income Tax department is said to be mulling prosecution against the HSBC bank for allegedly being the conduit for Indians in stashing money abroad.

The department, which had received more th

The Income Tax department is mulling to initiate prosecution action for concealment of income against those black money hoarders whose names have allegedly figured in the classified list of account ho

The world economy will lose momentum in 2012 but it will keep moving in the right direction, according to Reuters polls of around 600 economists who said crisis-hit Europe would drag on global growth.