HSBC Horror Stories

A former HSBC employee working at Beneficial Finance sent this report:

I am not willing to leave my correct initials however anyone familiar with this website or with the recent ongoings at Beneficial will probably figure out who I am. I was recently fired from Beneficial after being employed for over 11 years.

I hired in as an HFC employee and worked as an SA the entire time I was employed. I saw several changes at the company including the merger of HFC and Beneficial the buyout of Transamerica and Decision One and becoming HSBC. In my early employment I was treated well and enjoyed my job. That however was not the case the last 5 years of my experience. I was transferred to another office across town after my BSM (who I really liked) took a job in another state as a DSM. I had a new BSM who was promoted on the fast track (as seems is normal for HSBC) and not yet prepared. During this time frame I witnessed abuse of time entry misallocation of company funds for personal use as well as the BSM starting a sexual relationship with a new employee which led to even further threats as well as abuse of time off policies and pay. I reported my information appropriately and was given the brush off more than once by DSM’s as well as the so-called compliance tip line.

I made sure to mention to my BSM before leaving for maternity leave that I was aware of what was going on and that I thought it wise that he take other steps to transfer this employee and try to make things right. He took that as a threat and the employee stayed at the office until a week after I returned and she was transferred. This BSM was obviously aware that I had made some warranted phone calls and mistreatment continued. I reported to my new DSM the way I had been treated and nothing was done because low and behold he (the DSM) was transferred to a new position. I then received another DSM (lady) who was made aware of the problems and after several complaints finally began an investigation and my BSM was finally fired, but not before a failed audit.

So began a new saga. I was asked by the new DSM (lady) to consider a move to a branch outside the metro area that they were having some problems with compliance and she felt that I could possibly help turn that issue around. She told me she would respect my decision and if I decided not to that would be ok. After careful consideration I decided the move would not benefit me and would most likely cause further stress on me considering the issues I had just dealt with. I told her of my decision and she acted fine. I now had a new BSM who came in again on the fast track (not ready) and was hell on wheels.

They transferred every AE out of the office to new ones (which they all quit from after a month.) I was, after the alignment to yet another new district, one of only 2 remaining HFC employees and it seemed as though I had a target on my head. My new BSM wanted things only his way and I conceded out of loyalty and for the sake of possible harmony. And still after years of great reviews given the worst employee evaluation I had ever received. (I eventually took this evaluation to an outside source for review and they agreed that it was nothing more than a personal attack. Hoping to make my situation better and expose myself to better surroundings I applied for the opening of a traveling SA. The DSM (lady) who advised me I was not willing to move when she asked me turned me down so I was not open for a traveling position. I was now given an all-new staff of AE’s as well as the BSM who thought I was incapable of performing a job I had done for 9 years.

To no ones surprise the BSM eventually left the company and the DSM took a new job in a different state within the company. In came a new BSM and new DSM. I was then asked to move to a new office to try a new position as a loan processor. I asked if I had a choice and they advised me that he (the DSM) could move me whenever he wanted. So I was moved to an office in midtown for a new position (yet to be developed) and stayed 2 months and an SA in another office moved onto an AE position and I was told I was being moved yet again.(no choice)

Back to an SA position. Are you seeing a pattern here? I landed in an office on the East Side of town with a staff that had a new BSM and 2 long term unhappy employees, one of which transferred after I was there a month and the other eventually forced for non performance. It was like a new nightmare all over again. This new, married and new father BSM was having an affair with an AE in another office and was constantly on the phone and was using company email to communicate during business hours. This time I kept my mouth shut and stayed out of it.

Someone else in the office blew the whistle and this BSM and the AE were fired.
HEllO! New BSM. After 8 weeks of fill-ins we got a great BSM. We worked well together and we had built a great new team that was learning to thrive. The company cannot leave well enough alone and decided to shut down the only remaining HFC office. During the shutdown they displaced several employees and transferred others. The great BSM who had taken over the eastside office was now offered the option to transfer to an out of town office or step down. He moved. In came another great BSM and I really enjoyed him a lot and again a new team was built and we began to thrive.

Rumors surrounding layoffs started to come to fruition and districts being realigned, and they advised they would be shutting down a midtown office. Everyone assumed that the employees would be transferred to existing offices and life would continue. Without any warning I was fired after 11 1/2 years. They advised me that they were doing away with my position. I was in absolute shock! I had been a loyal employee and did not have the lowest seniority yet I was the target. Did this have to do with being one of 2 remaining HFC employees? YES I believe that with all my heart. Did it have to do with me bucking the system and not wanting to be moved every few months and voicing my opinion? YES again. Was there a clash between the DSM and I for bucking the system? YES.

I was advised that this was not his decision it came from further up. I disagree, for now his DSA (district sales assistant) is now the SA at that East Side office I was fired from. This of course was after the newest realignment came down and this DSM was advised he was being asked to step down and become a BSM or lose his job. He took the BSM job and then quit a week later after deciding that would not look good on his resume.

So in recap the DSM who had a personal issue with me was asked to step down gave his DSA my job before he left and then left the company. I was offered a severance, which was pitiful. I have to say this is the best thing that has ever happened to me. I am now working for a very reputable company that values my work and me. I can see HSBC going further downhill with every article I read and I have to say I am ashamed that I a was stupid enough to stay as long as I did. They have since fired at least 3 other employees and I hope they are as happy as I am.