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 sales during the fourth quarter of 2006, its financial statements show.
HSBC Finance, the U.S. consumer arm of the London-based bank, was not immediately available for comment. HSBC Finance was former predatory lender Household International, acquired by HSBC in 2003. Employees fear more job losses could spread from Decision One to HSBC Finance.
Related posts:
[...] Will Job Losses Hit HSBC Finance? 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 sales during the fourth… [...]