The negative effects of HSBC Holding PLC’s chequered foray into U.S. subprime lending will eventually pass, Brendan McDonagh, chief executive of the bank’s North America unit said Tuesday.
In a presentation to investors and analysts at Barclays Capital’s Global Financial Services Conference in New York, McDonagh said the bank has taken “very decisive actions” to shut down and sell loss-making businesses that were part of its acquisition of Household International in 2003.
McDonagh said HSBC will always have a presence in the U.S. and that “Household will pass.” Not any time soon — or would we say not soon enough, according to HSBC customers.
One customer said “My daughter was told everything was fine, but for some reason HSBC never withdrew the funds from the account. While she was waiting on HSBC to withdraw the funds, HSBC had her car towed.”
Another said “I have noticed ‘debt cancellation’ fee charges when I started paying on line and with time, I realized that those charges are like “interest” on what is supposed to be an “interest-free” promotion.”
After paying her account in full a third customer said “Most recently I spoke with Patsy Nolastnamegiven in Las Vegas. She was very rude and hostile.”
While investors and analysts may believe McDonagh real people do not. Analysts will believe almost anything, according to history, and attempt to make the situation fit the facts as they see it. The facts are simple. We have 45 HSBC complaints backlogged and unpublished.
“We obviously have to get our house in order in terms of the legacy Household situation,” McDonagh said.
The statement implies that HSBC’s house is not yet in order. Many HSBC customers agree. Check our complaints section as we publish our backlog of HSBC complaints.
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