Bryanboy: How Fashion’s Original Influencer Became a TikTok Star | The Business Of Blogging, People, BoF Professional

STOCKHOLM, Sweden — Last month, Bryanboy robbed Prada. But fashion’s original influencer is making no apologies for it.

“Today was the worst,” says Bryanboy with a healthy dose of irony, beginning a TikTok post documenting the act. “Can you imagine? I almost went to jail for theft?” After falling in love with a “major pair of earrings” from Prada’s online-only Spring/Summer 2021 show, he hatched a plan during Milan fashion week last month to unleash his “inner kleptomaniac.”

The next day, Bryanboy, whose real name is Bryan Grey Yambao, went to the Italian label’s showroom to see the collection in person. Once he spotted the earrings, he snatched them from the display, quickly slid them into his Issey Miyake coat pocket, and suspiciously fled the premises while trying not to look, well, suspicious.

But you won’t find Yambao in criminal court any time soon. That’s because the high-end heist was a work of fiction, staged for his popular TikTok account, which he started in April to combat boredom and seize a fast-emerging opportunity while quarantining in Stockholm, Sweden, where he lives. “Corona made me do it,” says Yambao. Six and a half months later, he has surpassed 1.1 million TikTok followers, roughly double the 585,000 followers he has amassed on Instagram.

On TikTok, whenever you post something fashion related, there has to be storytelling, there has to be a narrative.

Yambao thinks the highly-curated aesthetic of people looking perfect on Instagram has gone stale, especially during the pandemic. “What I love about TikTok is that it makes fashion alive again. It makes fashion exciting again,” he says. “[Instagram] is very static, very one dimensional; whereas on TikTok, whenever you post something fashion related, there has to be storytelling, there has to be a narrative.”

Yambao’s fashion influencer peers are expanding their presence on TikTok too, but many rely on posting what they wear to glamorous events or exotic locations. Never mind that these activities, now standard fashion influencer fare on Instagram, have been hit by social distancing measures. They also translate poorly on a platform which favours authentic, fun, and low production video content. Some have turned to more personal at home videos featuring their cooking skills or dancing to the latest dance memes like WAP from Cardi B and Megan Thee Stallion in hopes of ending up on #FYP, TikTok’s For You Page, the platform’s hit-making holy grail.

Yambao’s TikToks, by contrast, are more often short-form skits more akin to Absolutely Fabulous, the hit British show depicting the fictional lives of fashion-obsessed train wrecks Edina (Monsoon) and Patsy (Stone). “Bryan never really had an outlet for his true comedic voice,” says Peter Knell, Yambao’s former agent at IMG, who now runs his own advisory firm, Knell. “He always wanted someplace to put it. I don’t know if he ever really had a place to put it until now.”

In many of his TikTok videos, Yambao, 38, lampoons his own public persona: a sassy, flamboyant, candid and globe-trotting gay

Traditional finance business model no longer working


Simon Torrance, senior adviser at corporate innovation firm, Rainmaking, claims that the traditional financial services business model is no longer working.

Torrance, who is also an executive member of the World Economic Forum’s working group on accelerating digital transformation, believes that the way financial services companies sell products and services is no longer viable due to increased competition and higher consumer expectations.

“At the moment, financial services organisations ‘manufacture’ products and then try and sell them, either directly to customers or to distributors for resale,” Torrance tells Finextra Research.

“This still accounts for around 90% of business in banking and insurance. What they’ve tried to do is digitise the interfaces, but the business model is fundamentally the same.”

He also believes the plight of such businesses is going to get worse, given that the economic profit forecasts for banks and insurances companies is due to get worse.

“They’re just not making money doing what they’re doing at the moment, and just digitising it isn’t going to work,” he says.

Embedding and integrating

There are numerous alternatives to this model that could prove more profitable and offer greater growth.

Small and medium-sized banks may find themselves too reliant on simple products that are easy to offer at scale such as current accounts and savings. It is however almost impossible to scale up the business and attain profitability when over-reliant on them.

Financial services organisations should be looking to create demand for their products at a low ‘cost to serve.’

“Normally, if a bank or an insurance company does a deal with a retailer or a car company, for example, it is a very convoluted process,” Torrance says.

“They have to go through RFPs (requests for proposal), they can take a long time and they cost a lot of money to integrate.”

An embedded or fully integrated model, however, allows this to happen instantly, as developers within retailers and other companies are able to harness platforms that connect to the bank, insurance company’s products and services.

This allows a bank or insurance company to become more of a platform that offers an array of financial services, resulting in a number of intriguing business models.

One option is for a bank to mix its products with those of other parties, solutions and data to solve problems for customers in a more sophisticated way than any institution can do independently.

Another model is what Torrance refers to as “digital enablement” or “developer support”, whereby banks make their assets available through APIs that third-party can integrate or embed into their own products, such as a payment plan on a car, a holiday or an online experience like an educational course or magazine subscription.

A third option is that of becoming a marketplace and acting as a pure intermediary for the services of different services, akin to what price comparison sites do.

“These all include becoming more of a platform, which is how the big digital companies operate,” Torrance says.

Banks should look then to

Grant helps Crystal Spring Farm switch business model, zeroes in on carrots, blueberries

Seth Kroeck, manager of Crystal Spring Farm, speaks about a new $250,000 grant that will help the farm market and distribute carrots and blueberries. Hannah LaClaire / The Times Record

BRUNSWICK — The growing season for carrots and blueberries might be over, as evidenced by the snowflakes falling on farmer Seth Kroeck’s shoulders Wednesday morning, but there’s still plenty of work ahead for the owners of Crystal Spring Farm as they move forward with plans to break into the wholesale business this fall and winter. 

The farm’s Organic Wild Maine Blueberry Conserve is available at Morning Glory Natural Foods and Bow Street Market. The carrots will be available at 16Hannaford locations around the state. Hannah LaClaire / The Times Record

Kroeck and Maura Bannon, managers of Brunswick’s Crystal Spring Farm, are recipients of a $250,000 USDA Value Added Producer grant that, when matched, will help the farm process, market and distribute organic carrots and blueberry products to local retailers. 

The 320-acre organic farm is owned by the Brunswick-Topsham Land Trust. Seth Kroeck has a 50-year lease on 115 acres of agricultural land and farm buildings along with a separate lease from a local family for 72 acres of wild blueberries. Kroeck and Bannon have been growing organic carrots since 2004 and organic blueberries since 2014. 

Over the past decade, Crystal Spring became the largest Community Supported Agriculture (CSA) farm in Maine, according to a news release.  In 2018, they grew over 160 varieties of vegetables and served over 600 members from the Midcoast to Portland.

But last year, faced with difficulties finding labor and “changes in the long-term viability of CSAs,” they decided to transition to fewer employees, growing on fewer acres and focusing on just two crops. 

Choosing blueberries and carrots was easy, Kroeck said.

Seth Kroeck, manager of Crystal Spring Farm, recently purchased a mechanical carrot harvester, which can hold about 800 pounds when full. Hannah LaClaire / The Times Record

Both crops have historically grown very well on the farm, and carrots are sturdy, less perishable and easier to transport than some other vegetables. Blueberries are naturally more fragile, but are easy to make into other products, he said, like a chipotle blueberry spread expected to come later this year once the jalapenos finish smoking, or the organic wild Maine blueberry conserve already on shelves.

The carrots will be distributed to 16 Hannaford locations this fall and winter and the blueberry conserve, plus any other products that might follow, are available at Morning Glory Natural Foods in Brunswick and Bow Street Market in Freeport. 

Prior to receiving the grant, the farm invested in mechanical carrot and blueberry harvesters, cooling and freezing capacity and an automated weigher/bagger. This equipment increases efficiency and allows them to compete locally with organic carrots from the west coast, according to the release. 

Kroeck hopes to eventually be able to harvest more than 100,000 pounds of carrots per year, or about 20,000 pounds per acre, but due to the recent drought conditions,

Beowulf Offers New Innovative Business Model for Its Services

SINGAPORE, Oct. 28, 2020 /PRNewswire/ — Beowulf Blockchain, the pioneer of the decentralized cloud network for communication services, announced today that it is delivering a new innovative business model for its entire technology suite, where users can enjoy free services by holding BWF coins in their wallet. 

Since its inception, Beowulf has rapidly become a recognized international leader for innovation in video conferencing, especially for education and large-scale conference halls with best-in-breed video call quality. Beowulf provides unparalleled accessibility, such as “plug and play” simplicity, one-click connectivity, and the innovative QR code scan-to-call technology.

Services like Zoom, Google Meet, and Microsoft Teams require monthly or annual payments for their services, which can pose challenges to many businesses across the world, due to international payments. With Beowulf’s business model, this roadblock has been inherently removed. By replacing the monthly payments with the holdings of BWF coins, users can now enjoy free services across Beowulf’s offerings, and subsequently avoid the administrative complexities of managing multiple subscription plans. Additionally, with this approach, the users’ holdings of BWF can appreciate over time, thus gaining value instead of losing it completely in the service pricing model.

For example, individuals or entities that hold at least 5,000 BWF coins in their account will have access to the Beowulf platform free of charge. This replaces QUICKOM’s $11 monthly subscription fee and grants the unlimited hosting of up to 100 users for online conferences and remote teaching. 

“As the user base for our products grows exponentially, we are connecting our suite of products through the holdings of BWF coin. Through co-ownership of the blockchain, users are now empowered more than ever to access our all-encompassing Beowulf technology suite, free of charge, and in the true spirit of a decentralized model,” Dr. William H. Nguyen stated.

Among its many services, QUICKOM by Beowulf is well-positioned to become the next-generation video conferencing platform, enabling users to host, participate and enjoy unmatched collaboration. The platform brings remote participants together as if they were physically in the same room, thus efficiently taking the ‘distance’ out of ‘distance classroom’ or ‘distance conference’. With the hosting capacity for up to 5,000 participants, QUICKOM fulfills a complete suite of large-scale conferencing needs, as well as remote training and teaching activities.

Beowulf’s various business partnerships are an apt demonstration of the platform’s growing popularity, as it has amassed thousands of world-leading customers and partners, serving millions of users.  Some of these business partners and customers include multinational enterprises and frontline government organizations, world-renowned healthcare providers and universities, and a suite of others seeking customizable, deployment-ready communications products. 

About Beowulf Blockchain

Beowulf is a B2B decentralized cloud network for communication services. We bring transparency and immediately-available solutions for all users and business clients in many fields, including education, healthcare, finance, transportation, and e-commerce, by enabling them to provide communication features for their businesses without barriers.

Visit https://beowulfchain.com

Contact Information:

William H. Nguyen, Ph.D.

Founder of Beowulf Blockchain

William@beowulfchain.com

Related Images

beowulf-offers-new-innovative.jpg
Beowulf Offers New

Beowulf Offers New Innovative Business Model for Its Services – Press Release


SINGAPORE – October 28, 2020 – (Newswire.com)

Beowulf Blockchain, the pioneer of the decentralized cloud network for communication services, announced today that it is delivering a new innovative business model for its entire technology suite, where users can enjoy free services by holding BWF coins in their wallet. 

Since its inception, Beowulf has rapidly become a recognized international leader for innovation in video conferencing, especially for education and large-scale conference halls with best-in-breed video call quality. Beowulf provides unparalleled accessibility, such as “plug and play” simplicity, one-click connectivity, and the innovative QR code scan-to-call technology.

Services like Zoom, Google Meet, and Microsoft Teams require monthly or annual payments for their services, which can pose challenges to many businesses across the world, due to international payments. With Beowulf’s business model, this roadblock has been inherently removed. By replacing the monthly payments with the holdings of BWF coins, users can now enjoy free services across Beowulf’s offerings, and subsequently avoid the administrative complexities of managing multiple subscription plans. Additionally, with this approach, the users’ holdings of BWF can appreciate over time, thus gaining value instead of losing it completely in the service pricing model.

For example, individuals or entities that hold at least 5,000 BWF coins in their account will have access to the Beowulf platform free of charge. This replaces QUICKOM’s $11 monthly subscription fee and grants the unlimited hosting of up to 100 users for online conferences and remote teaching. 

“As the user base for our products grows exponentially, we are connecting our suite of products through the holdings of BWF coin. Through co-ownership of the blockchain, users are now empowered more than ever to access our all-encompassing Beowulf technology suite, free of charge, and in the true spirit of a decentralized model,” Dr. William H. Nguyen stated.

Among its many services, QUICKOM by Beowulf is well-positioned to become the next-generation video conferencing platform, enabling users to host, participate and enjoy unmatched collaboration. The platform brings remote participants together as if they were physically in the same room, thus efficiently taking the ‘distance’ out of ‘distance classroom’ or ‘distance conference’. With the hosting capacity for up to 5,000 participants, QUICKOM fulfills a complete suite of large-scale conferencing needs, as well as remote training and teaching activities.

Beowulf’s various business partnerships are an apt demonstration of the platform’s growing popularity, as it has amassed thousands of world-leading customers and partners, serving millions of users.  Some of these business partners and customers include multinational enterprises and frontline government organizations, world-renowned healthcare providers and universities, and a suite of others seeking customizable, deployment-ready communications products. 

About Beowulf Blockchain

Beowulf is a B2B decentralized cloud network for communication services. We bring transparency and immediately-available solutions for all users and business clients in many fields, including education, healthcare, finance, transportation, and e-commerce, by enabling them to provide communication features for their businesses without barriers.

Visit https://beowulfchain.com

Contact Information:

William H. Nguyen, Ph.D.

Founder of Beowulf Blockchain

William@beowulfchain.com

Related Links
Beowulf Blockchain’s website
QUICKOM’s website

Skagen Falster 3 review – Business Insider

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Skagen_Falster_3_11



Simon Hill/Business Insider


Crafted in partnership with Danish brand Skagen, and manufactured by the prolific Fossil Group, the Skagen Falster 3 combines the best of Google’s Wear OS with capable hardware in an elegant design that’s irresistible. 

This is not the best smartwatch around; that title goes to the latest Apple Watch., It’s not even the best smartwatch for Android phone owners; that would be the Samsung Galaxy Watch Active 2. But, the Skagen Falster 3 has its charms. 

Is the Falster 3 worthy of a place on your wrist? I’ve been using it for a few weeks now, and I’m convinced it’s the best Wear OS smartwatch currently available, but it does have its flaws.

Dimensions: 1.65 x 0.43 inches (42mm case)

Display: 416 x 416-pixel color OLED

Processor: Qualcomm Snapdragon Wear 3100

Memory: 1GB

Storage: 8GB

Connectivity: Wi-Fi (802.11 b/g/n), Bluetooth LE, NFC

Sensors: Accelerometer, Altimeter, Ambient Light, Gyroscope, Heart Rate

Battery: 24 Hours

Water resistance: 3ATM

The Skagen Falster 3 is a gorgeous smartwatch. The round, stainless steel, 42mm case has a satisfying heft to it, but at 11mm thick it manages not to be too chunky. The slim, tubular lugs connect to a range of matching bands; I have the steel mesh band, but there are silicone and leather options. There’s a rotating crown on the right, with two shortcut buttons flanking it.

When I first tried the Skagen Falster 3 on, I was impressed by the quality feel and look, which carries through to the wonderful array of Skagen watch faces. Spending more time with it has not dulled that first impression, and it’s a smartwatch that has drawn admiring glances and compliments from friends and family. The OLED screen is 1.3 inches across, and it’s sharp, bright, and responsive to touches.

I think the Skagen Falster 3 works better in a casual or work setting than it does at the gym, especially with the steel mesh band. My daily driver is usually the Samsung Galaxy Watch Active 2, but I will switch to the Skagen for social gatherings or work meetings because I love the way it looks. 

Setup and interface

Smartwatch HR Falster 3 Two Tone Leather Photo



Skagen


To begin using your Skagen Falster 3 you need to download and install the Wear OS app for Android or iOS. I had some connection issues, possibly because I have a few Wear OS watches, and had to unpair and restart to get things working with my Pixel 4. 

The Wear OS interface is a bit clunky and there isn’t much in the way of help if you’re new to it. Some options feel as though they’re buried quite deep in the settings. To access the Play Store and third-party apps you press the crown, while the two shortcut buttons can be configured for workouts or whatever else you like. You can also rotate the crown to

Today’s Workforce Catching Up To Tomorrow’s Business Model, Avaya Study Finds

2/3 of U.S. businesses are rethinking how they work, 58 percent feel they are now able to hire a more distributed workforce

Avaya (NYSE: AVYA), a global leader in solutions to enhance and simplify communications and collaboration, today released its “Work from Anywhere” study, examining the shifts businesses are undergoing to adapt to today’s changing economy. In the wake of COVID-19, Avaya found that nearly 72 percent of U.S. based businesses have been rethinking how they work, 58 percent of businesses feel remote working is enabling them to hire a more distributed workforce, and 8 out of 10 businesses are already retooling to provide improved customer and employee experiences that enable new ways of working.

According to the Avaya survey, 3 out of 4 businesses say they have focused more on employee and team communication since COVID-19:

  • 66 percent of mid-sized companies, those with 251-500 employees, have seen collaboration and communications technology increase in priority due to COVID-19

  • 57 percent of businesses reported some struggle with remote communication and fatigue

  • 32 percent reported employees having difficulties adapting to the new technology and communications tools available to them

“Work from Anywhere is creating new business models the world is adapting to, and it has become clear that trying to adopt a ‘business as usual, but remote’ approach is not enough,” said Simon Harrison, SVP and Chief Marketing Officer, Avaya. “COVID has accelerated digital transformation projects and put a new focus on customer and employee experiences, which have never mattered more. Additionally, new processes and new solutions need to completely change the way teams work together. Change has become a constant and embracing the cloud and the new experience economy, an opportunity. At Avaya, we are guiding our global client base, including retailers, schools, healthcare, governments, and businesses of all shapes and sizes on how to resolve the gaps they found in their ability to collaborate. We are helping them find new ways to connect, create and think as they write the new rules for their industries.”

Key Takeaways from Avaya’s “Work from Anywhere” Survey

Technology decision makers are rethinking business at every level

  • 72 percent of businesses have been revisiting their overall business model due to the changes brought on by COVID-19

  • An even larger number, 80 percent, are rethinking their customer experience

  • 77 percent are examining their employee experience

  • 75 percent are rethinking their sales approach

Businesses are focused on investing in communication and collaboration

83 percent of businesses responded that they thought their technology stack was prepared for remote working – however, many businesses did have to implement new technologies to improve their work-from-anywhere capabilities, including 65 percent adding video conference tools, 54 percent adding chat/messaging software and 53 percent adding project collaboration tools.

85 percent of businesses reported they plan on making the new technologies they have adopted during this time a permanent addition to their tech stacks.

Tech priorities are shifting

71 percent of tech decision makers reported faster adoption of new technologies in

A Hybrid Business Model and EV Trends Will Boost Kaixin Auto Stock



a car parked in a parking lot: An angled side view of a row of parked cars.


© Source: lumen-digital / Shutterstock.com
An angled side view of a row of parked cars.

Chinese used car dealership Kaixin Auto (NASDAQ:KXIN) has generated a great deal of buzz among traders lately. That is because KXIN stock recently made sharp moves in both directions. Suffice it to say that October has been a wild month for owners of this stock.



a car parked on the side of a road: An angled side view of a row of parked cars.


© Provided by InvestorPlace
An angled side view of a row of parked cars.

After a quick drop starting on Oct. 19, KXIN might look like a prime target for aspiring short sellers. However, I would not recommend attempting to short-sell this stock.

It is dangerous to bet against a company that is operating in an expanding market. Besides, Kaixin Auto has a hybrid business model that could position the company for even faster growth. Over time, this should lead to higher prices in KXIN stock.

Is there a reasonable explanation for the meteoric rise and sudden drop in KXIN shares? We’ll present the facts of the matter and let you decide for yourself whether KXIN stock is ready to take another leg up.

KXIN Stock at a Glance

Starting in March of this year, KXIN stock traded at $1.05 or less. By early October, the share price was approaching 50 cents. For the most part, traders were not talking about this stock very much.

Then, from Oct. 14 to Oct. 19, KXIN stock rocketed to a 52-week high price of $13.40. As you would expect, this sudden price spike drew a lot of attention to KXIN in the trading community.

I do not recommend that investors chase after vertical price moves, and KXIN provides a textbook example of this. Almost as quickly as KXIN stock powered its way up, it soon fell to $3.45, brutally punishing the chasers.

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On Oct. 26, KXIN stock closed at $4.56. Therefore, it appears that the worst part of the decline is in the past. Looking at the situation calmly, we can observe that KXIN is still in an uptrend since mid-October. And now, prospective shareholders can get in at a more favorable price than the chasers.

A Savvy Transformation

Kaixin Auto was founded in 2015, and the company was somewhat different compared to what it is today. Originally, Kaixin was conceived as a venture into the used car financing market in China.

In its corporate profile, Kaixin describes its evolution “from a tech-enabled financing platform into a nationwide dealer network that combines self-owned and affiliated dealers as well as value added and after-sale services.”

This does not mean that Kaixin has abandoned tech-enhanced sales modalities. In fact, the company uses a hybrid business model focusing on both online and offline used auto sales in China.

KXIN stock presents a blue-sky opportunity because Kaixin’s transformation leaves plenty of room for expansion. So far, the company has 14 auto dealerships spanning 14 cities in 12 Chinese provinces. Of course, China is quite expansive and the growth potential here is tremendous.

KXIN

Model Behavior | Twin Cities Business

The restaurant industry has been complaining for years that its business model is unsustainable—but despite all the complaints, it’s carried on as usual. But maybe, just maybe, the pandemic is going to change things.

During the summer, restaurateur Tim Niver (Mucci’s, Saint Dinette) cryptically tweeted that the business had to reinvent itself. I called him to ask him what he meant and if he really had the nerve to do it.

To be clear, Niver is not your typical libertarian restaurant owner. He’s worked on all sides of the business, paid his dues, and is about as woke and social justice-minded as any owner in town. He does not breathe the rarefied air of celebrity chefs and other industry royalty, whose prominence leave them, by and large, insulated from the harshest realities of the business.

Niver’s mantra right now is as dour as it gets. “Everyone knows there’s no margin in it. We’re making 2 to 10 percent [operating margin],” he says, “and if I’m not making 10 to 20 percent, why am I doing this?”

“I can’t attract [this current generation of] young people into a business selling ‘passion.’ Not when it doesn’t provide retirement or health care. I can’t attract investors,” he says.

An owner-operator like Niver (investors are perhaps the real owners) works 70-hour weeks until their knees are shot at 50, or they realize they have no college savings for their kids or retirement savings for themselves—and then they get out.

Niver envisions all sorts of changes, including an end to happy hours (unprofitable), lunch service, and late-night hours. He also sees price increases and service charges to replace tipping. It’s already happening around town—not to provide so-called equity to workers, but to add an extra few percent for businesses that price their product below cost, because Americans expect it.

Pre-pandemic, the culprits were labor shortages, wage laws that drove up costs by nearly a third in less than a decade, rising urban rents, and an array of other dings like the growing cost of managing electronic payments.

An owner-operator like Niver (investors are perhaps the real owners) works 70-hour weeks until their knees are shot at 50, or they realize they have no college savings for their kids or retirement savings for themselves—and then they get out. He hopes there’s a different way.

The question is what are the limits of possibility? Thought leaders like Gavin Kaysen and Andrew Zimmern talk about the industry “professionalizing” and providing wages that turn short-term jobs into careers, but what I hear from most operators is something diametrically opposite. They’re talking about getting control of spiraling costs and right-sizing their operations to fit what customers can spend.

Blue Plate Restaurants has spent the pandemic making its operations as lean as it could get them. Co-founder David Burley sees the future as fewer jobs, fewer amenities, and less service. “Margins have declined annually since 2014,” he notes. “We’ve trimmed out all the fat now. There won’t be a staffer

HSBC mulls overhauling its business model to charge fees for current accounts and other services as profits slump due to rock-bottom rates



a person standing in front of a store: MailOnline logo


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MailOnline logo

Banking giant HSBC said it could start charging for basic banking services such as current accounts as it unveiled a 36 per cent fall in third quarter profits. 

But shares in the Asia-focused lender jumped after it said that it may pay a ‘conservative’ 2020 dividend as it set aside less money than expected for bad loans.

HSBC shares in London rose 6.6 per cent to 340.45p by 9am on Tuesday. But they remain down around 42 per cent since the start of the year.



a person standing in front of a store: Overhaul: HSBC said it could start charging for current accounts as profits shrink


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Overhaul: HSBC said it could start charging for current accounts as profits shrink

The bank made pre-tax profit of $3.1billion (£2.4billion) between July and September, down 36 per cent from $4.8billion (£3.7billion) in the same quarter last year, but above analysts’ expectations. 

Revenues fell 11 per cent to $11.9billion (£9.15billion) as lower interest rates hit income, with revenues from lending falling by a larger near-15 per cent. 

HSBC, like other banks, is seeing income shrink due to low interest rates, which are restricting how much it can charge for loans.

The margin squeeze is set to continue, HSBC said, as rates may even turn negative in the near future, challenging ‘the long-term profitability of the banking sector’, so the bank is now looking to flip its main source of income from interest rate to fee-based businesses. 

Finance boss Ewen Stevenson said the bank may start charging customers for basic services such as current accounts, despite expectations among the public that they are ‘free’.

Video: JPM’s Normand: Markets Reflect Optimism of Big Stimulus by January (Bloomberg)

JPM’s Normand: Markets Reflect Optimism of Big Stimulus by January

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‘We will have to look at charging for basic banking services in some markets, because a large number of our customers in this environment will be losing us money,’ Stevenson told Reuters. 

However, similarly to Barclays, HSBC said it had set aside less money to cover bad loans – some $785million (£603million) compared to $3.8billion (£2.9billion) in the previous quarter.

And the bank, which was forced to stop paying a dividend in the wake of the crisis, floated the idea of resuming shareholder payouts at the end of the year. 

Chief executive Noel Quinn said: ‘A decision on whether to pay a dividend for the 2020 financial year will depend on economic conditions in early 2021, and be subject to regulatory consultation. 

‘We will seek to pay a conservative dividend if circumstances allow.’

It comes as the Bank of England is said to have been talking to commercial banks about restarting shareholder payments. 



a man wearing a suit and tie: Chief executive Noel Quinn said the bank will look to pay a 'conservative dividend if circumstances allow'


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Chief executive Noel Quinn said the bank will look to pay a ‘conservative dividend if circumstances allow’

Michael Hewson, chief market analyst at CMC Markets UK, said of the bank’s performance: ‘This is certainly good news all round and the outperformance has no doubt been helped by the improvement in recent Chinese