Luxury fashion may be switching gender and age roles. In much of the world now, the most attractive demographic for such companies as Burberry (BRBY) and Coach (COH) isn’t middle-aged women with sky-high credit limits; it’s twentysomething men with smartphones and self-esteem issues. At least that’s the theory put forth recently by a three researchers at HSBC. The future of retail is in young, urban males—or as HSBC dubs them, “Yummies” (a handy verbal shortcut if one can say it without gagging). “The metro-sexual, that cliché from 20 years ago, is now becoming a commercial reality,” the HSBC team writes…But hasn’t it always been thus? Apparently not. HSBC notes that a lot of men are marrying later in life these days, freeing up income in their twenties that would otherwise have gone to supporting a family. The college fund can go to Coach totes, and the diaper budget is diverted to baby-soft driving moccasins. In trying to impress, HSBC says many young men are also looking past cars for the first time. After all, anyone with a few hundred dollars a month to spare can lease a Lexus (TM), but a traveling martini satchel from Tumi (TUMI) takes $5,000. [BusinessWeek]
They’ll be upping everyone’s “allowance” to compensate the EU’s so-called “bonus caps.” Read more »
Attention London-Based Financial Services Employees: The Season For F*cking Up With No Repercussions Is Nearly Upon UsBy Bess Levin
Been thinking about TP’ing your CEO’s house? Or placing a massive trade that, let’s be honest, probably won’t work out and will ultimately cost the firm billions? Or taking the keys to your boss’s vintage Ferrari and driving some colleagues uptown for a joy ride, and when confronted about, claim you thought the office had a “what’s mine is yours” policy? Or dressing up as his wife for Halloween? Thanks to a new compensation plan being considered by London bank, now you can? Read more »
When it comes to telling employees to take a long lunch and not come back. Read more »
It’s not Venezuela, now that old Hugo is gone. It’s not Cuba. And it’s definitely not the U.S. Indeed, the ballsiest country on this side of the globe seems to be measuring its cojones against us, in a series of direct throw-downs. And Argentina’s are bigger. Read more »
Getting caught money-laundering for the Iranians and drug cartels is pretty bad for business, as HSBC’s 2012 results demonstrate. But coming into compliance with all these new banking regulations is even worse.
Disgraced though HSBC may be, what with the $4 billion-plus it paid in fines to regulators last year, and the 17% drop in profit that entails, the old Hongkong and Shanghai Banking Corp. managed to shrink less than its friends in Frankfurt in an unusual race backwards, thereby dethroning the Germans as Europe’s largest bank. Read more »