Household HSBC Watch

In the first six months of this year, HSBC sold about $371 million in loans originated by Decision One to its U.S. bank and recorded a pretax loss of $400,000 from the deal. We assume that means HSBC USA. In contrast, HSBC booked a $17 million pretax gain on Decision One loan […]

STRICKEN lender Northern Rock, whose shares have lost nearly three-quarters of their value since last weekend’s bank run, is continuing to struggle to attract a buyer, according to weekend reports. At least 12 of the UK and Europe’s biggest banks, including HSBC, are said to have decided not to buy the Newcastle-based lender. […]

HSBC Holdings PLC, Europe’s biggest bank, said yesterday that it would close its U.S. subprime mortgage unit, cutting 750 jobs and taking $945 million (U.S.) in charges and writedowns, because the business is no longer sustainable.

HSBC Finance, the United States consumer finance arm of HSBC, said the closing of Decision One Mortgage would result in […]

There is more to HSBC’s subprime fallout around the world. The American dollar is tumbling around the world. On Thursday it reached parity with the Canadian dollar for the first time in 30 years and hit its lowest level yet against the euro, also dipping relative to the British pound and hitting […]

In a blow to HSBC efforts to expand investment banking, HSBC served as a trustee for the investment portion of the business from August 2003 to March 2005, when a federal court shut down Pension Fund at SEC’s behest. HSBC’s name and logo appeared throughout the firm’s marketing materials, which were not properly reviewed, the […]

Updated: 09/20/07 6:56 AM - HSBC Bank USA will pay $10.5 million in fines and penalties to the Securities and Exchange Commission for negligently allowing its name and logo to be used in connection with an alleged Miami-based investment fraud targeted at Central and South American investors.

Under the settlement agreement announced Wednesday, the U.S. […]

HS in Alaska asks: “How can I get out of having just signed up for a credit card from HSBC NV NA? I’m so sorry I didn’t find this website before I accepted the credit card offer!”

HSBC has delivered a sharp rebuke to Eric Knight by dismissing the activist investor’s demands for a shake-up in the bank’s corporate governance and rejecting calls for an independent strategic review. Simon Robertson, the bank’s senior independent director, yesterday told Mr Knight that HSBC’s non-executive directors unanimously supported Stephen Green as executive chairman and […]

Ashurst’s bold strategy of targeting activist investors as clients is paying off, with the top 10 firm advising a boldface activist on its current assault on HSBC. US-headquartered asset manager Knight Vinke has turned to Ashurst for strategic advice on its focus on the UK’s biggest bank.

The shareholder activist now has the backing of […]

HSBC, the troubled investment bank, has come under renewed scrutiny from financial regulators for its role in a controversial dawn raid on shares in OMX, the Swedish stock exchange. Borse Dubai was last week censured by the Swedish financial regulators for failing to follow so-called best-practice rules when it built up a big stake […]