The Federal Agricultural Mortgage Corporation, otherwise referred to as Farmer Mac, invested corporate funds in HSBC Finance. Farmer Mac President and Chief Executive Officer Michael Gerber had to know the following:
• HSBC Finance lost approximately $40 billion since 2003
• HSBC shut down all HSBC Finance business except credit card operations
• HSBC Finance, formerly Household International, was a subprime lender
Archive for » 2009 «
Category: General News
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HSBC Finance posted a pretax loss of $2.7 billion, compared with a $300 million loss a year earlier. Still, that was down from a second-quarter loss of $6.9 billion, due in part to a charge in that quarter on the value of the unit’s own debt.
Category: General News
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HSBC Finance Corp. said yesterday it is selling its U.S. auto loan servicing operations, including a facility in San Diego, to Santander Consumer USA.
Category: Jobs and Layoffs
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HSBC Holdings plc’s Saudi affiliate, booked $93.7 million in provisions for loan losses during the third quarter. “We may see some extra provisions in the fourth quarter but most banks will come clean by early 2010,” said Adnan Ahmed Yousef, president of Union of Arab Banks. Arab banks set aside $3.5 billion so far this year against bad loans.
Category: Emerging Markets
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Standard Chartered has out-paced HSBC. In 2009, total return on its shares soared 79 percent as of November 3, 2009, the second-best performance of Britain’s top five banks after Barclays Plc, and four times the gain of its archrival, London based HSBC Holdings Plc. The bank was effected by the global financial debacle; its stock fell 46 percent in 2008. However, Standard Charter’s profits were barely affected, rising 20 percent to a record $3.4 billion compared with 2007, on revenue that was up 26 percent to $14 billion.
Category: General News
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