What follows is official overview and description of HSBC Finance. The final paragraph gives operating profit and loss. Factor the market conditions, loss of products, and the jobless rate, and perhaps you can predict a net loss for 2008.
HSBC Finance Corporation (HSBC Finance) is a subsidiary of HSBC North America Holdings, a bank holding company of HSBC in America and Canada.
Together with its subsidiaries, HSBC Finance offers real estate secured loans, auto finance loans, credit card loans, private label credit card loans including retail sales contracts and personal non-credit card loans to the middle-market consumers in the US, the UK, Canada, the Republic of Ireland, Slovakia, the Czech Republic and Hungary. The company is headquartered in Prospect Heights, Illinois and employs about 27,980 people.
The company recorded revenues of $16,950 million during the financial year ended December 2007, an increase of 8.6% over 2006. The company recorded a net loss of $4,906 million during the financial year ended December 2007, as compared to a net profit of $1,443 million in 2006.
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