HSBC in trouble

Get straight to the good stuff every day with the Multiply Minute; a lightning-quick round-up of the money news and how it affects you.

HSBC profits plunge

The bank has revealed that its profits fell by 33% in 2019. HSBC currently employs around 235,000 people worldwide, and said it’ll aim to let 35,000 people go over the next three years. It’s part of a major restructuring operation to cut costs by £3.5 billion.

More buyers than sellers

The house price boom appears to be continuing, as house hunters' demand for properties outstrips supply. 7.2% more people are browsing Rightmove than last year, and the number of sales agreed nationally is up 12.3%. The result? The average price of a property coming to market is now just £40 away from hitting an all-time high.

Premium Bond prizes cut

National Savings & Investments, the government-backed savings bank that holds 25 million people’s money, has announced it will slash interest rates (paywall). In a blow to the beloved Premium Bonds product, it will also reduce the prize pot. 14 other accounts will see an interest rate cut of up to 0.45%.

We’re feeling good(ish)

People’s verdict on their own financial wellbeing is the most positive it’s been since 2009, according to the Household Finance Index (HFI). It hit 47.6 (out of 100) in February, up from 44.6 in January. Another index, which measures people’s expectations for the next 12 months, rose to 52.7 suggesting we’re feeling more optimistic about the year to come.

BT by the month

The broadcaster is set to make its top content more flexible. Viewers will be able to add and remove favourites such as Premier League football on a monthly basis, rather than getting locked into expensive contracts.