March 30 — HSBC Finance Corp., the U.S. home- lending unit for Europe’s biggest bank, goes to trial this week on claims that a corporate predecessor hid predatory lending from shareholders.
Archive for » March, 2009 «
Category: General News, Subprime
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HSBC and accountants Ernst & Young and PricewaterhouseCoopers have been named as defendants in a $3bn class-action suit filed in New York by investors in offshore hedge funds who fell victim to disgraced investor Bernard Madoff.
Category: General News
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On Thursday, the Unite union claimed HSBC was using “creative accountancy” to conceal the real figure of job cuts in the UK, which they claim adds up to 2,900. Derek Simpson, Unite Joint General Secretary, said: “As if it was not bad enough for staff of HSBC to hear from the media that their jobs are at risk, we now have a situation where the company is failing to come clean with the true extent of these cuts.”
Category: Jobs and Layoffs
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As I mentioned in an earlier article, UK workers unions keep a close eye on layoffs. It seems the union thinks HSBC is not telling the truth about layoffs. The U.K.’s largest labor union has disputed HSBC Holdings PLC’s announcement it is to make 1,200 staff redundant, saying the total figure would be around 2,900.
Category: Jobs and Layoffs
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HSBC may cut about 1,000 jobs in the U.K., according to a person familiar with the situation. The jobs will be eliminated in processing and operations, and some administration sites may be closed, said the person, who declined to be identified because the information is confidential. London-based HSBC employs about 58,000 people in the U.K. and 330,000 worldwide.
Category: Jobs and Layoffs
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