This is the opinion of the submitter: “I saw your post regarding licenses for BSMs. I want to add some color around that. HSBC NA, through the retail consumer finance channel (HFC/Bene), is rapidly working to shift from the old high rate/points subprime lender they’ve been for decades to a streamlined FHA, money for the ‘people’ type of operation in an effort to survive. Survive it won’t.
1) Fixed costs of branch operations far outweigh revenue that new model can generate.
2) Culture is not compatible with future model
3) Compensation structure on new model does not meet former and current expectations of the folks running the operation from the Regional level down to the Account Executive.
4) Licensing requirements will eliminate loads of existing staff from eligibility to remain in current positions.
Should I go on? Only the ignorant within the existing skeleton that was once the mighty HFC and Beneficial would be doing anything right now aside from dropping their CV/resume on 1000 recruiters today.”
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