Household HSBC Watch

A promotion in February and dismissed by July is sad news for David Gibbons of HSBC. One must ask if Gibbons was hired for his connections with the OCC, a bank regulator, or his ability. One thing is for sure - Gibbons did not see the risk at HSBC Finance, formerly known as predatory lender Household International. Here is the article:

NEW YORK, July 19 (Reuters) - A top risk and compliance officer at the U.S. operations of HSBC Holdings Plc has left the company as Europe’s biggest bank grapples with a rising wave of delinquencies on risky American mortgages. David D. Gibbons, recently elevated as senior executive vice president of corporate risk and compliance at HSBC North America Holdings Inc., no longer works at the company, according to a recent U.S. regulatory filing. HSBC did not return messages seeking comment.

Gibbons joined the company in 2004 as chief risk officer of HSBC North America Holdings, which includes HSBC Finance. He received a promotion in February as senior executive in charge of corporate risk and compliance, HSBC said in recent filings with the U.S. Securities and Exchange Commission. Before joining HSBC, Gibbons had a long stint at the Office of the Comptroller of the Currency, a U.S. banking regulator.