HSBC tops Forbes list
HSBC has celebrated a milestone this month, jumping two places to become the first non-US company to top the prestigious Forbes 2000 list of the world’s largest companies.
The annual index surveys blue chip companies in 26 industries across 60 countries and ranks them according to a composite of sales, profits, assets and market value.
HSBC’s elevation to the top of the list comes on the back of a 26 per cent lift in revenue and a 31 per cent lift in net income over the past five years.
The largest non-banking sector company featured this year was General Electric, which placed second, with Bank of America placing third while last year’s leading company, Citigroup, which has been hard hit as a result of the sub-prime crisis, dropped to 24th.
Recommended for you
Questions have been raised regarding the viability of the current Australian Financial Services licensing regime, and the role that licensees have to play in monitoring and supporting the profession.
ASIC has said it is exploring whether there are concerns regarding Macquarie and Equity Trustees for hosting platforms where investors rolled over their superannuation into the Shield Master Fund.
Almost 30 staff at AMP could be affected by changes to its marketing and communications team, Money Management understands, as it makes two senior hires.
Superannuation fund Cbus has announced it will offer a financial advice offering for its members and their partners called Advice Essentials Plus.