This gem required a subscription to the New York Times to read it: “HSBC also said that writing off its investment in HSBC Finance would do lasting damage to its reputation.” I am stunned by that statement. HSBC should cultivate, build, and promote employees of HSBC Finance before anything else. HSBC owes a debt to those employees, and should elevate their status as bankers trained to succeed anywhere in the world. HSBC owes HSBC Finance employees a debt of honor, not just at upper levels, but at all levels. An account executive in Iowa, or any state for that matter, should be trained to succeed as a banker in London.
Archive for » 2008 «
Category: Jobs and Layoffs
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As it pertains to changes at HSBC Finance we saw this in the news the other day: “There are signs, too, that the bank may be on the verge of some major decisions — particularly with regard to its troubled American business. John Thornton, the former president of Goldman Sachs and a man known for his aggressive strategic thinking, joined the group board this month. He will also serve as nonexecutive chairman of HSBC North America — a position that will require him to work two days each week and will pay him $1.5 million a year.” Let’s ask John which two days he will work. If it were me I would probably do Tuesday and Thursday while reserving Wednesday for golf or something.
Category: Jobs and Layoffs
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In December 2005 the news reported on General Motors, using the term ‘bankruptcy’ in many articles. By November 2007 news reports asked about GM’s $39 billion loss. Now, in December 2008 one news report asks “Will Ford be the only automaker to survive?” Every year we send a formal letter to General Motors, as official correspondence from our advocacy center at Household HSBC Watch. Every year we question GM about their relationship with HSBC and the GM Card. It seems GM earned their own problems, and we will not write to them again. GM does not learn, nor do they listen.
Category: HSBC Merchants
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HSBC Holdings plc is the holding company for the HSBC Group. The Company provides a variety of international banking and financial services, including retail and corporate banking, trade, trusteeship, securities, custody, capital markets, treasury, private and investment banking, and insurance. The Group operates worldwide. There are so many holding companies within HSBC that two were discovered in the United States that were not even registered with the SEC at the time of discovery. Now we have HSBC Carmel Holdings. It is somewhere within HSBC Finance, formerly Household International. Parent Companies are HSBC Finance Corporation and HSBC North America Holdings Inc. Does this make sense to you?
Category: Subprime
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Have you noticed the fine print concerning balance transfers and HSBC credit cards? Balance Transfer Checks may not be used to make payments to any GM Card, Union Plus Credit Card, Teamster Privilege Credit Card, Best Buy Credit Card, Household Bank or Orchard Bank Credit Card, or to pay a loan made by any other HFC, Beneficial or HSBC company. (These are registered trademarks of HSBC and/or the specific companies.) Notice how HSBC mentions Best Buy, but none of the other merchants that contracted with HSBC for credit card services.
Category: General News
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