Economy
Buy into HSBC say Barclays |
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| Economy | |
| Written by Gary Howes | |
| Thursday, 09 September 2010 | |
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HSBC shares are undervalued at current levels, 850p a share is fair value.
HSBC Holdings (LON:HSBA) has received the backing of fellow banker Barclays after the latter advised investors that HSBC shares offer good value at current levels. HSBC shares are currently 0.46% higher at 657.80. A look at the FTSE 100 leader board shows the banking sector is clawing back ground lost over the course of this week, with all major banks making gains. Lloyds Banking Group is the sector leader this morning, the bank is 2.83% higher after announcing new asset offload. Lloyds Banking Group has agreed to sell Crest Nicolson, the builder, to US investment fund Varde for an estimated £150m. Meanwhile in related banking news Britain's financial regulator hit Goldman Sachs International with a 17.5 million pounds ($27 million) fine on Thursday for failing to notify U.K. authorities about an investigation in the United States. It was the second-largest fine ever imposed by the Financial Services Authority, eclipsed only by the 33.32 million pounds fine announced in June against J.P. Morgan Securities Ltd. for mishandling clients' funds. The British agency's investigation began in April after the U.S. Securities and Exchange Commission filed civil fraud charges against Goldman Sachs for allegedly misleading buyers of complex mortgage-related investments in 2007. Goldman settled the charges in mid-July by agreeing to pay $550 million — the largest penalty against a Wall Street firm in the SEC's history.
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