HSBC Risk Increases and Risk Officer is Gone
Like rats from a sinking ship the news was again bad for HSBC today. Federal and state banking regulators on Tuesday said they would step up their scrutiny of lenders that make home loans to people with shaky credit, focusing on companies that operate outside federal banking oversight. That means focusing on HSBC Finance, HFC, and Beneficial Finance.
At the same time their risk officer, David Gibbons, is no longer with the company. Is it just a coincidence? After all Gibbons was just promoted in February 2007. Now in July of 2007, on the same day regulators made their announcement Gibbons is gone. People close to the story say it is no coincidence at all, with some saying Gibbons influence was of no help. He was once with the Office of the Comptroller of the Currency, a banking regulator. Others say the risk and exposure, given the new focus by federal and state banking regulators, will be too great. Thus any intelligent individual would leave before the fire gets even hotter, but time will tell who is right.
Chief Financial Officer Simon Penny retired, thus someone else must sign financial documents required by the SEC and others. Remember Sarbanes-Oxley? It is probably a good time for more who enjoy their freedom to retire, resign, or just let themselves get fired.
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[…] The writedown, which was $3.5bn more than Merrill had estimated, has led to questions about the bank’s risk management and the future of Stan O’Neal, chief executive. Risk management officers have been disappearing from the business lately, with some like HSBC’s David Gibbons leaving suddenly. Before joining HSBC Gibbons was with HSBC’s regulator, the Office of the Comptroller of the Currency. Thinking of making a debt settlement offer? You need to see common settlement scams and rip-offs first 0 Views […]