Over the first three weeks of this year, banking giant Barclays has lost 62 percent of its value. The Royal Bank of Scotland is down 78 percent, and Lloyds Banking Group has plummeted 69 percent. Even London-based international banking group HSBC Holdings has fallen 25 percent. The frightening part of this news is what one analyst says: “The UK financial sector is in collapse. Rather than let the banks fail, the government is risking it all in one giant high-stakes gamble to prop up the system. It is really a no-win situation, however: Even if the bet pays off, the best the economy can expect is a slow grind-down. If the bet doesn’t pay off, the UK faces national bankruptcy. The fate of Britain’s whole economy may hang on this gamble.”
Archive for » January, 2009 «
Category: General News
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In response to the employee asking someone to share info on future closings:
I’m a former HSBC employee, gone now for a couple years. I maintain a number of close relationships in some specific departments within the inner sanctum in IL.
Category: Jobs and Layoffs
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This is compiled from 2 different emails: “OK so here it is….new comp plan comes out February 1. Tiers no multipliers….so if you do 200k for instance you get 2g’s (or whatever). Collections are starting soon, as is FHA. HFC is having MAJOR problems getting their licenses for the FHA. The company is eventually going to stop doing core loans and it will just be personal loans, FHA and conforming. I think the companies will be closed by the end of 2010 at the LATEST. I am well informed as I am ranked top 50 in the US and am in the (redacted) branch in the country.”
Category: Jobs and Layoffs
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Does anyone know the current status of this class action?
Updated 3/24/2008:
Court Grants Conditional Certification and Partial Summary Judgment to HSBC Loan Officers
On March 19, 2008, Judge Maxine Chesney of the Northern District of California gave a sweeping victory to NKA when she conditionally certified a nationwide class of current and former loan officers who were denied overtime. The Court simultaneously dismissed several of HSBC’s affirmative defenses, stopping HSBC’s attempt to claim that its loan officers were exempt from overtime rules based on the “administrative,” “retail sales,” “executive,” and “professional” exemptions. The case will now focus on whether HSBC nationwide misclassified its loan officers as outside salespeople, unlawfully denying them overtime and other compensation. Judicial notice will issue soon to the entire class.
Category: Jobs and Layoffs
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I am an employee for HFC/BENE and I just want to know some answers or information before I am surprised with an unexpected closing. If anyone has any accurate information regarding HFC and Beneficial closings PLEASE share!!!!
Category: Jobs and Layoffs
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