Wait a minute, but didn’t we find a murderer in this division of HSBC, or an accused murderer, depending on your point of view? Oh yes, we did, which must have left a job opening. And now we find out that Christian Deseglise, global head of emerging markets business at HSBC Global Asset Management, left the firm “to pursue other interests,” said spokeswoman Jenne Mannion. Sylvia Coutinho, regional head of Latin America for HSBC Global Asset Management, will take on Mr. Deseglise’s duties and retain her current title; Mr. Deseglise’s position will not be filled, Mannion said.

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This information filtered down yesterday (11/24). It seems to coincide with news coming out of London, but that news is so vague it is rarely helpful. This information must be validated, but we understand that many SAE/AE positions will go away this week. We are hearing that approximately 10 percent of US AE positions will go. If you are in the bottom 10 percent it could get ugly over the next 2 days. HSBC North America has another new boss, and we are unclear if the move is related.

Rachel Lomax, 63, has been appointed as one of two new non-executive directors of HSBC. As a former deputy governor of the Bank of England, with responsibility for monetary stability, Ms Lomax is known as feisty, formidable and an effective political operator, and so there is no doubt that she will make her voice heard on the HSBC board.

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Three more employees were laid off in the Tennessee district Friday. It was November 21st, and more to come. One more two weeks ago in Memphis. Another report says “ASM’s got demoted so severance packages will cost less when it’s their turn to go. No longer are they ranked as managers. Thanks HSBC for sucking even more out of me. Now loyalty isn’t even honored. I heard from a DSM friend of mine to that he’s about to start working more. Rumor is DSA’s are on the chopping block next. Ho Ho Ho and merry christmas. I guess.”

I am an AE for Beneficial. Last year we got really excited when we found out that we were going to start originating conforming loans and the company actually encouraged us to convert as many clients as possible to these new loans. This was good for clients because many were in loans with rates in the 8 to 12% range. Conversion would put them at 6.5 to 7.5%. Great news right? Heck no! I personally have had several clients get approved all the way through the process only to be told that we couldn’t sell the loan so the deal is turned down. Get it? Approved loan but cannot sell = we turned the well qualified home owner down. WTF? Why not put them in a portfolio product?

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