I guess this belongs in ‘afterthoughts’ or the postmortem section. Post it as you will should you decides it’s worth.
I spent nearly 2 decades at Beneficial, then HFC, then some years under the HSBC umbrella. I started as an account executive, worked my way up to BSM, then 10 years as BSM and beyond with roles in HQ (Illinois). I knew and worked with everyone from front line sales people at the branch level all the way to Tom Detelich, Kathy Madison and many more.
No doubt there were a great many people who I think highly of in the organization. At the same time, having watched things unfold there for years, the same was the undoing of the company in some ways as well.
All too often, those continually promoted to key leadership positions were fully unfit for their positions, often leading hundreds if not thousands of employees to believe things that simply were not true or valid. This has continued right up to recent weeks with leaders claiming HSBC was going to “survive” and emerge a leader when this ’settles out’. These are their words, not mine.
I left a few years back and have gone on to do very well in another industry. I saw this ship sinking in 04′ and 05′ when it became an out of control subprime growth machine weighed in favor of short term gains and profits that were literally unsustainable. Everyone saw it coming and it’s simply ignorant to claim otherwise.
I’m shocked to hear anyone at any level imply that they are amazed or surprised that the wheels came off now. I can’t figure out what took HSBC so long. I left years ago thinking the retail consumer finance business would die a much quicker death.
Timing for those who have clung on like rats on a sinking ship could not be worse. Being laid off is hard enough without the acceleration of a sinking economy and zero growth or prospects for employment in consumer lending or a related field. My former co-workers join millions from the mortgage and banking industry now faced with re-making their careers. I wish them all the best in this difficult environment.
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