“Liz Claiborne had plenty of time to study the market, yet they are aligning their customers with a predatory lender. Market analysis suggests troubled companies will easily sign with HSBC Retail Services, which is the old Household International” said consumer advocacy organization Household - HSBC Watch. “We expected more from Liz Claiborne and we were disappointed. Customers will be disappointed too” said the group. Under the program, Liz Claiborne retail stores like Lucky Brand Jeans, Elisabeth, Mexx, Liz Claiborne, Dana Buchman and Ellen Tracy Outlet, will each have their own credit card with its respective brand name. Household - HSBC Watch will now monitor the company.
Archive for » July, 2005 «
Category: 05 All Articles, 05 Retail Services
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Chester Yung, July 20, 2005 - Lender accused of ‘devil’s work’ for putting pressure on client to sell property to bank associate:
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HSBC entered the New York market in 1980 after acquiring first, Marine Midland Bank and later Republic National Bank. In 2003, HSBC acquired Household International, shortly after the lender settled for $486 million charges of predatory lending by attorneys general in 46 U.S. states. Developments are monitored by Household - HSBC Watch.
Category: 05 All Articles, 05 HSBC - U.S.
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HSBC bankers say they are winning key mandates and that as recently as 1999 Citigroup was not viewed as a serious player. “They were seen as a joke, and then suddenly they were everywhere and scaring the pants off investment bankers,” said one senior equities banker at HSBC. “Household International was seen as a joke in serious financial circles, but not by families involved in their predatory lending scams. HSBC bought them” said Household - HSBC Watch.
“HSBC has many strengths, but the investment bank is the one division where I doubt the strategy will work,” said SG Securities analyst Richard Staite. “How long are they going to spend large amounts of money, perhaps without results, before changing course again?”
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