Wednesday, 01 Apr 2020 04:59 PM MYTHONG KONG, April 1 — HSBC and Standard Chartered shares nosedived in Hong Kong today after the banking giants said they were cancelling dividends and buybacks at the request of regulators because of the coronavirus pandemic.
HSBC’s shares plunged 9.51 per cent to HK$40.0 while Standard Chartered fell 7.64 per cent to HK$39.9 on the Hang Seng Index.The PRA welcomed the decision to suspend dividends and buybacks and said it also expected banks “not to pay any cash bonuses to senior staff, including all material risk-takers”.
The HSBC board said it has cancelled the fourth interim dividend and will “make no quarterly or interim dividend payment” or “undertake any share buy-backs” until the end of 2020.
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