Household HSBC Watch

On May 30, New York Attorney General Andrew Cuomo announced a settlement in which HSBC will pay $850,000 in civil penalties and reimburse the state of New York about $68,000 for costs associated with the cleanup of a contaminated industrial site in eastern New York.

It is one of the nation’s first Superfund cases against a […]

UK - May 25, 2007 — Further evidence that the profits of Britain’s banks are being hit by customers reclaiming bank charges emerged yesterday when HSBC admitted it was feeling the repercussions of a customer revolt. Guardian Unlimited reported the story.

Unfortunately in the United States a full revolt has not been seen, but consumers […]

NEW YORK — The National Association of Securities Dealers said it fined a U.S. brokerage unit of HSBC Holdings PLC $250,000 for failing to have adequate systems in place to supervise trading of government securities.

The firm, HSBC Brokerage, also failed to ensure that its customers wouldn’t be harmed by its routing orders to HSBC Securities, […]

On Monday, 14 May 2007, it was revealed that HSBC worldwide was once again pulled down by two US-based units, one of which was well known as predatory and questionable lender Household International.

Net income for HSBC Finance Corp., a Prospect Heights, Illinois-based lender once known as Household International Inc., fell 39 percent to $541 […]

An NASD arbitration panel found HSBC Brokerage (USA) Inc., liable for $776,000 for negligent misrepresentations and omissions in the sale of a structured note. On Friday, May 4, 2007, the NASD panel awarded $776,000 to Rayburn Enterprises and a related trust. Rayburn Enterprises was represented by Dempsey & Johnson, a Los Angeles, California law firm.

“It […]

HSBC already has a growing corporate and investment banking business in Russia and an office there, but obtaining the license is a key step toward becoming the first British lender to build a retail presence in Russia.
After a decade building up its business in Latin America, the world’s third-largest bank has more recently turned its […]

A fund backed by the government of the United Arab Emirates has snapped up an estimated £500m stake in HSBC, becoming the second Gulf-based investor to regard the shares of Britain’s biggest bank as undervalued.
An investment arm of Dubai Investment Capital (DIC) has taken a “substantial” stake in HSBC through a new fund which aims […]