Thousands of university graduates have been left out of pocket after HSBC broke a promise of interest-free overdrafts and started charging bank fees. High street bank HSBC offered students an overdraft of up to £1500 for the first 12 months after leaving university without being charged an incentive to bank with them. Under the scheme, the interest-free overdraft would be reduced to £1000 in the second year after graduation, and £500 by the third.

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Here is positive proof that a person can be successful after running a subprime operation for HSBC while losing billions of dollars. Originally with Household International, which was charged with predatory lending and later purchased by HSBC, many thought Siddarth (you can call me Bobby) Mehta was in over his head. Mehta was summarily dismissed by HSBC. Others call that ‘fired.’

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Barclays faced fresh embarrassment yesterday over its £314 million emergency loan from the Bank of England, when HSBC, its rival, furiously denied that an error by its bankers had forced Barclays into the red. Meanwhile, it emerged that Britain’s biggest high street banks have more than $120 billion (£60 billion) worth of exposure to the troubled asset-backed commercial paper market.

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We have many questions lately about an article we ran a few days ago. According to insiders there have been layoffs at two HSBC locations. Reports are still unconfirmed, thus you should consider this to be rumor or speculation until we see it in the news. Here is what we were told so far. On August 14th we received a cryptic note from Massachusetts which said “hfc/beneficial laid off some 450 people today.” Two days later, August 16th, a reader commented that 500 were laid off in Carmel. Following that, on the same day, a reader commented “that can be confirmed. in todays market the company did decided to do some much needed downsizing.” (copied exactly as written)

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Agnes Mouser is a 65-year-old widow who works in the records department in a Houston prison. In 2000, she sought to pay off her credit-card debt with a loan from Beneficial Finance, which sent an appraiser to assess the value of her home.

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